A Practical Guide to Value of Information Analysis

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Abstract

Value of information analysis is a quantitative method to estimate the return on investment in proposed research projects. It can be used in a number of ways. Funders of research may find it useful to rank projects in terms of the expected return on investment from a variety of competing projects. Alternatively, trialists can use the principles to identify the efficient sample size of a proposed study as an alternative to traditional power calculations, and finally, a value of information analysis can be conducted alongside an economic evaluation as a quantitative adjunct to the ‘future research’ or ‘next steps’ section of a study write up. The purpose of this paper is to present a brief introduction to the methods, a step-by-step guide to calculation and a discussion of issues that arise in their application to healthcare decision making. Worked examples are provided in the accompanying online appendices as Microsoft Excel spreadsheets.

Original languageEnglish
Pages (from-to)105-121
Number of pages17
JournalPharmacoEconomics
Volume33
Issue number2
Early online date22 Oct 2014
DOIs
Publication statusPublished - Feb 2015
Externally publishedYes

Keywords

  • Payoff
  • Posterior Variance
  • Decision Uncertainty
  • Monte Carlo Error
  • Opportunity Loss

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