Computing the Expected Value of Sample Information Efficiently: Practical Guidance and Recommendations for Four Model-Based Methods.

Value in Health : the Journal of the International Society for Pharmacoeconomics and Outcomes Research
Natalia KunstCollaborative Network for Value of Information

Abstract

Value of information (VOI) analyses can help policy makers make informed decisions about whether to conduct and how to design future studies. Historically a computationally expensive method to compute the expected value of sample information (EVSI) restricted the use of VOI to simple decision models and study designs. Recently, 4 EVSI approximation methods have made such analyses more feasible and accessible. Members of the Collaborative Network for Value of Information (ConVOI) compared the inputs, the analyst's expertise and skills, and the software required for the 4 recently developed EVSI approximation methods. Our report provides practical guidance and recommendations to help inform the choice between the 4 efficient EVSI estimation methods. More specifically, this report provides: (1) a step-by-step guide to the methods' use, (2) the expertise and skills required to implement the methods, and (3) method recommendations based on the features of decision-analytic problems.

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Citations

Jul 24, 2020·JAMA Oncology·Kiri A Cook, Jenna M Kahn
May 29, 2021·Applied Health Economics and Health Policy·Haitham TuffahaStephen Birch
Jun 7, 2021·European Journal of Epidemiology·Anna HeathPetros Pechlivanoglou
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Aug 11, 2021·Value in Health : the Journal of the International Society for Pharmacoeconomics and Outcomes Research·Sabine E GrimmManuela A Joore
Aug 15, 2021·Medical Decision Making : an International Journal of the Society for Medical Decision Making·Anna HeathJeremy D Goldhaber-Fiebert
Dec 4, 2021·Medical Decision Making : an International Journal of the Society for Medical Decision Making·Laura FlightSusan Todd
Jan 18, 2022·Medical Decision Making : an International Journal of the Society for Medical Decision Making·Anna Heath

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