A Practical Guide to Value of Information Analysis

Wilson, Edward C.F. (2015) A Practical Guide to Value of Information Analysis. PharmacoEconomics, 33 (2). pp. 105-121. ISSN 1170-7690

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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.

Item Type: Article
Uncontrolled Keywords: payoff,posterior variance,decision uncertainty,monte carlo error,opportunity loss,pharmacology,health policy,public health, environmental and occupational health ,/dk/atira/pure/subjectarea/asjc/3000/3004
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Depositing User: LivePure Connector
Date Deposited: 12 Nov 2018 11:31
Last Modified: 22 Apr 2020 07:12
URI: https://ueaeprints.uea.ac.uk/id/eprint/68835
DOI: 10.1007/s40273-014-0219-x

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