An overall conceptualization of the VOI approach and statistical description of different VOI metrics (306631)*Anirban Basu, The Comparative Health Outcomes, Policy, and Economics (CHOICE) Institute, University of Washington
Keywords: research prioritization, value of information, expected value of perfect information, expected value of sample information
A research funder faces the challenge of selecting to fund a small set of studies from a larger pool of proposals, even after proposals achieve the benchmarks of scientific rigor and integrity. Value of information (VOI) techniques can provide estimates of the expected benefits from clinical research studies. These VOI estimates can inform decisions about the design and priority of those studies. We discuss the different VOI metrics used for evaluating the value of a research study, such as the Expected Value of Perfect Information (EVPI) or the Expected Value of Sample Information (EVSI), and identify the steps required to calculate these metrics. We will also discuss the policy space where these methods or their variants have been applied.