TY - JOUR
T1 - Value of Information Analytical Methods
T2 - Report 2 of the ISPOR Value of Information Analysis Emerging Good Practices Task Force
AU - Rothery, Claire
AU - Strong, Mark
AU - Koffijberg, Hendrik (Erik)
AU - Basu, Anirban
AU - Ghabri, Salah
AU - Knies, Saskia
AU - Murray, James F.
AU - Sanders Schmidler, Gillian D.
AU - Steuten, Lotte
AU - Fenwick, Elisabeth
PY - 2020/3
Y1 - 2020/3
N2 - The allocation of healthcare resources among competing priorities requires an assessment of the expected costs and health effects of investing resources in the activities and of 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 4 VOI measures: the expected value of perfect information, 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.
AB - The allocation of healthcare resources among competing priorities requires an assessment of the expected costs and health effects of investing resources in the activities and of 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 4 VOI measures: the expected value of perfect information, 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.
KW - decision making
KW - ENBS
KW - EVPI
KW - EVPPI
KW - EVSI
KW - study design
KW - value of information
KW - value of research
U2 - 10.1016/j.jval.2020.01.004
DO - 10.1016/j.jval.2020.01.004
M3 - Article
C2 - 32197720
AN - SCOPUS:85081907501
VL - 23
SP - 277
EP - 286
JO - Value in health
JF - Value in health
SN - 1098-3015
IS - 3
ER -