Expected Value of Perfect Information

Thank you for very good responses from Alec. I cannot agree more with him on the potential use of value of information analysis. Having a quick review of major country guidelines in GEAR database (which consists of national methodological guidelines from 43 countries/settings--http://www.gear4health.com/gear/health-economic-evaluation-guidelines), I found only two guidelines from Canada and the Netherlands mention about the value of information analysis or EVPI. The Dutch guideline perhaps provide the most detail guidance when and how the value of information analysis should be performed. It reads (on page 21): "....In all model-based economic evaluations where decision uncertainty is found (when the probability that the intervention is cost-effective is lower than 100% at the applicable reference value but still higher than 0%) an EVPI should be calculated. Supplementary VOI analyses can answer the question whether, and what kind of additional study is efficient. Additionally, they can indicate whether the definitive decision should be postponed while awaiting the results of additional studies. These analyses are relevant if additional study and/or postponement of the decision is a viable policy option....".