Value of Information Analytical Methods
A method to estimate how much it's worth to reduce uncertainty in health technology decisions by doing more research. It helps decide if future studies are likely to be valuable.
At a glance
Use when
Prioritizing research funding, informing research design, assessing decision uncertainty in economic models
Avoid when
When model structure is highly uncertain or unstable, or when data gaps are non-quantifiable
Inputs
Probabilistic sensitivity analysis results, decision-analytic model, willingness-to-pay thresholds
Outputs
Expected value of perfect information (EVPI), expected value of partial perfect information (EVPPI), expected value of sample information (EVSI)
How it works
Provides a structured framework for quantifying the expected value of perfect information (EVPI) and expected value of partial perfect information (EVPPI), supporting prioritization of research based on potential economic returns in health technology assessment.
- HTA domains
- Clinical Effectiveness, Costs & Economic Evaluation, Aspects Beyond HTA
- Assumptions
- Future research can reduce parameter uncertainty; decision-makers act rationally; willingness-to-pay is known and stable
- Strengths
- Supports evidence-based research prioritization; quantifies opportunity cost of uncertainty; aligns research investment with health gains
- Limitations
- Computationally intensive; relies on quality of underlying model; assumes perfect information is achievable
- Also known as
- VoI, Value of Information, Expected Value of Information
Questions this answers
- › How much is it worth to reduce uncertainty in a health technology assessment?
- › Which parameters contribute most to decision uncertainty?
- › Is further research likely to be cost-effective?
- › What is the expected value of eliminating uncertainty in a specific parameter?
- › How should research funding be prioritized across different health technologies?
- › What is the maximum amount a decision-maker should pay for perfect information?
References & sources
Related methods
Similar by meaning
Beta record. Based on the original catalogue summary; primary-source enrichment pending.