Tuffaha, H.W., Strong, M. orcid.org/0000-0003-1486-8233, Gordon, L.G. et al. (1 more author) (2016) Efficient Value of Information Calculation Using a Nonparametric Regression Approach: An Applied Perspective. Value in Health, 19 (4). pp. 505-509. ISSN 1098-3015
Abstract
Background: Value-of-information (VOI) analysis provides an analytical framework to assess whether obtaining additional evidence is worthwhile to reduce decision uncertainty. The reporting of VOI measures, particularly the expected value of perfect parameter information (EVPPI) and the expected value of sample information (EVSI), is limited because of the computational burden associated with typical two-level Monte-Carlo–based solution. Recently, a nonparametric regression approach was proposed that allows the estimation of multiparameter EVPPI and EVSI directly from a probabilistic sensitivity analysis sample.
Objectives: To demonstrate the value of the nonparametric regression approach in calculating VOI measures in real-world cases and to compare its performance with the standard approach of the Monte-Carlo simulation.
Methods: We used the regression approach to calculate EVPPI and EVSI in two models, and compared the results with the estimates obtained via the standard Monte-Carlo simulation.
Results: The VOI values from the two approaches were very close; computation using the regression method, however, was faster.
Conclusion: The nonparametric regression approach provides an efficient and easy-to-implement alternative for EVPPI and EVSI calculation in economic models.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2016, International Society for Pharmacoeconomics and Outcomes Research (ISPOR). 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: | Monte-Carlo simulation; nonparametric regression; value of information |
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 |
Funding Information: | Funder Grant number NATIONAL INSTITUTE FOR HEALTH RESEARCH NIHR-PDF-2012-05-258 |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 13 Apr 2016 11:08 |
Last Modified: | 14 Apr 2017 02:23 |
Published Version: | http://dx.doi.org/10.1016/j.jval.2016.01.011 |
Status: | Published |
Publisher: | Elsevier |
Refereed: | Yes |
Identification Number: | 10.1016/j.jval.2016.01.011 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:98315 |