2020 Canadian Agency for Drugs and Health Technologies (CADTH) Symposium
Designing Research to Inform Decision-Making Using Value of Information Analyses
Date: Wednesday, January 27, 2021
Time: 11:00 am – 1:00pm EST
Audience: Of interest to policy-makers.
Level: Intermediate.
What you’ll learn: This workshop introduces four value of information (VoI) measures and highlights how VoI can determine research priorities that support decision-making. The assumptions of a VoI analysis and methods to display results graphically will also be presented.
Abstract: VoI is a concept from decision analysis that considers whether the current evidence base for a health economic decision model is sufficient to make policy decisions. VoI can then be used to inform future research allocation. Furthermore, Vol measures can direct future research by determining the model inputs with the greatest influence on decision uncertainty. Finally, VoI methods can determine the optimal design for a research study that reduces decision uncertainty as efficiently as possible. Despite this versatility, VoI has rarely been used in practice because of a lack of familiarity, difficulties interpreting these measures, concerns about the assumptions underpinning them, and computational complexity. This workshop aims to address these issues by introducing the general concepts behind VoI, presenting key VoI measures and highlighting where they can be most useful in directing future research. It also demonstrates graphical presentations of these measures and discusses how to critically evaluate VoI analyses and their underlying assumptions. The workshop is a mixture of lectures, computer-based examples, and discussion sessions. Excel worksheets and R code to calculate VoI measures and highlight a Web-based interface for VoI calculations will be provided. Participants will then discuss and interpret examples of VoI analysis from the literature. Participants should have some knowledge of health economic evaluation/HTA and probabilistic sensitivity analysis (PSA).
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