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What is a Value of Information analysis?

Useful resources for Value of Information

1. Wilson ECF. A Practical Guide to Value of Information Analysis. PharmacoEc. 2015

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2. ISPOR Task Force: Value of Information Analysis for Research Decisions

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3. Minelli C, Baio G. Value of Information: A Tool to Improve Research Prioritization and Reduce Waste. PLoS Medicine. 2015

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4. Heath A. Bayesian computations for value of information measures using Gaussian processes, INLA and Moment Matching. The Academic Health Economists’ Blog. 2018

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5. Steuten L, van de Wetering G, Groothuis-Oudshoorn K, et al. A Systematic and Critical Review of the Evolving Methods and Applications of Value of Information in Academia and Practice. PharmacoEconomics. 2013

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1. Heath A. Value of Information as a Tool for Clinical Trial Design. THETA 2019

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2. Baio G. Value of Information in practice. No, seriously: in practice! THETA 2016

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1. SAVI – Sheffield Accelerated Value of Information

This web tool is an R Shiny Server application which can be used to calculate Expected Value of (Partial) Perfect Information for any cost-effectiveness model.  To use this tool, only a probabilistic sensitivity analysis sample is required.

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2. RANE – Rapid Assessment of Need for Evidence

This is a web based Shiny app which can be used to calculate the value of further research without a full economic model. It requires only an expression of uncertainty in a primary outcome (e.g. odds ratio) and a small number of other inputs such as baseline risk, incident population, duration of research etc.

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3. BCEAweb

This provides a web interface to the R package BCEA, designed to post-process the results of a statistical model and standardise health economic evaluations, as described in the following graph.

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4. EVSI visualisation tools

This tool provides web applications for the visualisation of the EVSI

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1. SMDM 2019 Short Course: AM5 – Research Prioritisation and Study Design Using Value of Information Analysis

Course level: Beginner

Awarded the best short course at the 2019 Society for Medical Decision Making (SMDM) 

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2. SMDM 2019 Short Course: PM3 – Optimal Research Design Using Value of Information

Course level: Advanced

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