Value of Information Analysis in Models to Inform Health Policy
- 14 October 2021
- journal article
- research article
- Published by Annual Reviews in Annual Review of Statistics and Its Application
- Vol. 9 (1), 95-118
- https://doi.org/10.1146/annurev-statistics-040120-010730
Abstract
Value of information (VoI) is a decision-theoretic approach to estimating the expected benefits from collecting further information of different kinds, in scientific problems based on combining one or more sources of data. VoI methods can assess the sensitivity of models to different sources of uncertainty and help to set priorities for further data collection. They have been widely applied in healthcare policy making, but the ideas are general to a range of evidence synthesis and decision problems. This article gives a broad overview of VoI methods, explaining the principles behind them, the range of problems that can be tackled with them, and how they can be implemented, and discusses the ongoing challenges in the area. Expected final online publication date for the Annual Review of Statistics and Its Application, Volume 9 is March 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.Keywords
This publication has 82 references indexed in Scilit:
- A Framework for Addressing Structural Uncertainty in Decision ModelsMedical Decision Making, 2011
- The role of the minimum clinically important difference and its impact on designing a trialPharmaceutical Statistics, 2010
- Dimensions of Design Space: A Decision-Theoretic Approach to Optimal Research DesignMedical Decision Making, 2009
- Research Prioritization Based on Expected Value of Partial Perfect Information: A Case-Study on Interventions to Increase Uptake of Breast Cancer ScreeningJournal of the Royal Statistical Society Series A: Statistics in Society, 2008
- Estimating the expected value of partial perfect information: a review of methodsThe European Journal of Health Economics, 2007
- Expected value of sample information for Weibull survival dataHealth Economics, 2007
- A taxonomy of model structures for economic evaluation of health technologiesHealth Economics, 2006
- Using Value of Information Analysis to Prioritise Health ResearchPharmacoEconomics, 2006
- Multivariate Adaptive Regression SplinesThe Annals of Statistics, 1991
- On a Measure of the Information Provided by an ExperimentThe Annals of Mathematical Statistics, 1956