Value of Information Analysis in Health Economic Evaluations
Summary
Value of Information (VOI) analysis has emerged as a cornerstone of modern health economic evaluation, translating statistical uncertainty into a quantifiable metric that informs both policy and research priorities. By estimating the expected monetary benefit of acquiring additional data, VOI guides decision makers on whether to adopt a health intervention immediately or delay adoption pending further research. Core measures include the Expected Value of Perfect Information (EVPI), which captures the maximum return if all uncertainty were removed; the Expected Value of Partial Perfect Information (EVPPI), which focuses on individual parameters; and the Expected Value of Sample Information (EVSI), which evaluates the worth of a proposed study design. These metrics link probabilistic sensitivity analysis and decision modelling, enabling transparent trade-offs between research investment and health gains. Applications span early assessment of novel pharmaceuticals, optimisation of trial sample sizes and managed-entry agreements for high-cost technologies. Globally, VOI has influenced funding allocations, trial design and life-cycle health technology assessment, ensuring that research efforts target the most critical uncertainties and deliver maximal benefit to patients and health systems.
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Value of Information Analysis in Health Economic Evaluations publication trend
The graph below shows the total number of articles in value of information analysis in health economic evaluations across all publications each year (not limited to Nature Index journals).
Technical terms
Value of Information Analysis: A decision-analytic framework that quantifies the expected benefit of reducing uncertainty in model parameters by acquiring additional data.
Expected Value of Perfect Information (EVPI): The upper bound of the monetary value obtainable if all uncertainty in a decision problem were eliminated.
Expected Value of Partial Perfect Information (EVPPI): The value derived from resolving uncertainty in a specific subset of model parameters.
Expected Value of Sample Information (EVSI): The anticipated benefit of collecting new data under a specified study design, accounting for both information gain and research cost.
Net Monetary Benefit (NMB): A summary metric converting health outcomes and costs into a single monetary value based on a willingness-to-pay threshold, facilitating comparative assessments.
References
- A Practical Guide to Value of Information Analysis. PharmacoEconomics (2014).
- A Conceptual Framework for Life-Cycle Health Technology Assessment. Value in Health (2022).
- Value of Information: A Tool to Improve Research Prioritization and Reduce Waste. PLOS Medicine (2015).
- Calculating the Expected Value of Sample Information Using Efficient Nested Monte Carlo: A Tutorial. Value in Health (2018).
- A new approach for sample size calculation in cost-effectiveness studies based on value of information. BMC Medical Research Methodology (2018).
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