Enhancing Value of Information Analyses

ABSTRACTObjectiveThe aim of this study was to demonstrate that it is feasible and recommendable to present value of information (VOI) outcomes in terms of underlying costs and effects in addition to costs alone.MethodsThe benefits of collecting additional information on health economic outcomes before deciding on a preferred policy when evaluating alternative strategies with uncertain outcomes are quantified in a VOI analysis. In general, costs and effects are combined into one single dimension to determine the expected monetary VOI. Separate information on costs and effects is lost. This information, however, remains relevant to the decision-maker. The concept of the attributable VOI (AVOI) is introduced which enables separate presentation of expected changes in health outcomes and costs.ResultsThe use of the attributable expected value of perfect information is illustrated with a few examples. These examples demonstrate the benefits of the new approach, as well as its calculation. The benefits are: 1) insight into the expected costs and expected effects gained as a result of carrying out further research to reduce or eliminate decision uncertainty; and 2) the likelihood that the outcome of additional research will result in a change in preferred policy.ConclusionsDecision-making may be enhanced and clarified by adding results from AVOI analyses. Obtaining these results is straightforward and requires only a minimal computational effort. Therefore, use of the AVOI extension is recommended for all future VOI analyses.