Expected Net Present Value of Sample Information

Peter S. Hall, Richard Edlin, Samer Kharroubi, Walter Gregory and Christopher McCabe

Medical Decision Making, 2012, vol. 32, issue 3, E11-E21

Abstract: The Expected Value of Information Framework has been proposed as a method for identifying when health care technologies should be immediately reimbursed and when any reimbursement should be withheld while awaiting more evidence. This framework assesses the value of obtaining additional evidence to inform a current reimbursement decision. This represents the burden of not having the additional evidence at the time of the decision. However, when deciding whether to reimburse now or await more evidence, decision makers need to know the value of investing in more research to inform a future decision. Assessing this value requires consideration of research costs, research time, and what happens to patients while the research is undertaken and after completion. The investigators describe a development of the calculation of the expected value of sample information that assesses the value of investing in further research, including an only-in-research strategy and an only-with-research strategy.

Keywords: Bayesian decision theory; expected value of information; research design; cost-effectiveness analysis (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:sae:medema:v:32:y:2012:i:3:p:e11-e21

DOI: 10.1177/0272989X12443010

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