Rothery, C., Strong, M. orcid.org/0000-0003-1486-8233, Koffijberg, H. et al. (7 more authors) (2020) Value of information analytical methods: Report 2 of the ISPOR value of information analysis emerging good practices task force. Value in Health, 23 (3). pp. 277-286. ISSN 1098-3015
Abstract
The allocation of health care resources among competing priorities requires an assessment of the expected costs and health effects of investing resources in the activities, and on the opportunity cost of the expenditure. To date, much effort has been devoted to assessing the expected costs and health effects, but there remains an important need to also reflect the consequences of uncertainty in resource allocation decisions and the value of further research to reduce uncertainty. Decision-making with uncertainty may turn out to be suboptimal, resulting in health loss. Consequently, there may be value in reducing uncertainty, through the collection of new evidence, to better inform resource decisions. This value can be quantified using Value of Information (VOI) analysis. This report, from the ISPOR VOI Task Force, describes methods for computing four VOI measures: the Expected Value of Perfect Information (EVPI), Expected Value of Partial Perfect Information (EVPPI), Expected Value of Sample Information (EVSI) and Expected Net Benefit of Sampling (ENBS). Several methods exist for computing EVPPI and EVSI, and this report provides guidance on selecting the most appropriate method based on the features of the decision problem. The report provides a number of recommendations for good practice when planning, undertaking or reviewing VOI analyses. The software needed to compute VOI is discussed, and areas for future research are highlighted.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2020, ISPOR–The Professional Society for Health Economics and Outcomes Research. Published by Elsevier Inc. This is an author produced version of a paper subsequently published in Value in Health. Uploaded in accordance with the publisher's self-archiving policy. Article available under the terms of the CC-BY-NC-ND licence (https://creativecommons.org/licenses/by-nc-nd/4.0/). |
Keywords: | value of information; value of research; decision making; study design; EVPI; 19 EVPPI; EVSI; ENBS |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Medicine, Dentistry and Health (Sheffield) > School of Health and Related Research (Sheffield) > ScHARR - Sheffield Centre for Health and Related Research |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 10 Mar 2020 14:38 |
Last Modified: | 18 Mar 2021 01:38 |
Status: | Published |
Publisher: | Elsevier |
Refereed: | Yes |
Identification Number: | 10.1016/j.jval.2020.01.004 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:158254 |