Economics of Information
Local subject classificationactionability
data mining economics
knowledge discovery systems
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CitationA Decision-Theoretic Approach to Data Mining 2003, 33(1):1-10 IEEE Transactions on Systems, Man, and Cybernetics. Part A.
AbstractIn this paper, we develop a decision-theoretic framework for evaluating data mining systems, which employ classification methods, in terms of their utility in decision-making. The decision-theoretic model provides an economic perspective on the value of â extracted knowledge,â in terms of its payoff to the organization, and suggests a wide range of decision problems that arise from this point of view. The relation between the quality of a data mining system and the amount of investment that the decision maker is willing to make is formalized. We propose two ways by which independent data mining systems can be combined and show that the combined data mining system can be used in the decision-making process of the organization to increase payoff. Examples are provided to illustrate the various concepts, and several ways by which the proposed framework can be extended are discussed.
TypeJournal Article (Paginated)
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e-Research and the Ubiquitious Open Grid Digital Libraries of the FuturePatkar, Vivek; Chandra, Smita (2006)Libraries have traditionally facilitated each of the following elements of research: production of new knowledge, its preservation and its organization to make it accessible for use over the generations. In modern times, the library is constantly required to meet the challenges of information explosion. Assimilating resources and restructuring practices to process the large data volumes both in the print and digital form held across the globe, therefore, becomes very important. A recourse by the libraries to application of successive forms of what can be called as Digital Library Technologies (DLT) has been the imperative. The Open Archives Initiative (OAI) is one recent development that is expected to assist the libraries to partner in setting up virtual learning environment and integrating research on a near universal scale. Future extension of this concept is envisaged to be that of Grid Computing. The technologies driving the â Gridâ would let people share computing power, databases, and other on-line tools securely across institutional and geographic boundaries without sacrificing the local autonomy. Ushering an era of the ubiquitous library helping the e-research is thus on the card. This paper reviews the emerging technological changes and charts the future role for the libraries with special reference to India.
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Measuring the Global Research Environment: Information Science Challenges for the 21st CenturyAnderson, Caryn; Bammer, Gabriele; Grove, Andrew (ASIST, 2005)“What does the global research environment look like?” This paper presents a summary look at the results of efforts to address this question using available indicators on global research production. It was surprising how little information is available, how difficult some of it is to access and how flawed the data are. The three most useful data sources were UNESCO (United Nations Educational, Scientific and Cultural Organization) Research and Development data (1996-2002), the Institute of Scientific Information publications listings for January 1998 through March 2003, and the World of Learning 2002 reference volume. The data showed that it is difficult to easily get a good overview of the global research situation from existing sources. Furthermore, inequalities between countries in research capacity are marked and challenging. Information science offers strategies for responding to both of these challenges. In both cases improvements are likely if access to information can be facilitated and the process of integrating information from different sources can be simplified, allowing transformation into effective action. The global research environment thus serves as a case study for the focus of this paper – the exploration of information science responses to challenges in the management, exchange and implementation of knowledge globally.