Resources Repository
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ReviewPublication 2021Review of Web-Based Tools for Value-of-Information Analysis
Value-of-information analysis (VOI) is an analytic approach used to inform research priorities, guide clinical trial …
Value-of-information analysis (VOI) is an analytic approach used to inform research priorities, guide clinical trial design, and provide information for decisions about reimbursement. The authors review existing web-based tools to facilitate VOI calculations. These include Sheffield Accelerated Value of Information (SAVI), the web interface to the BCEA (Bayesian Cost-Effectiveness Analysis) R package (BCEAweb), Rapid Assessment of Need for Evidence (RANE), and Value of Information for Cardiovascular Trials and Other Comparative Research (VICTOR).
Decision Theory | Value of Information | Economics/Finance | Priority Setting/Ethics | Cost-Effectiveness Analysis | Health/Medicine -
ArticlePublication 2022Economic Value of Clinical Artificial Intelligence
Artificial intelligence (AI) is increasingly used in clinical applications. Nevertheless, its flexibility and difficulties around …
Artificial intelligence (AI) is increasingly used in clinical applications. Nevertheless, its flexibility and difficulties around collecting data on its clinical impacts make value assessment challenging. This article uses a value framework as the basis for assessing how AI may create value depending on how it is used. Authors also provide advice to health economists seeking to model AI’s clinical impacts. There are multiple ways that AI challenges traditional health technology assessment methodology. Authors highlight several…
Technology Assessment | Value of Information | Economics/Finance | Science/Technology | Global -
ArticlePublication 2018Trading Bankruptcy for Health: A Discrete-Choice Experiment
This article in Value in Health evaluates the importance of improved health as compared to …
This article in Value in Health evaluates the importance of improved health as compared to improved financial risk protection in the general United States population. Using a discrete-choice experiment, it finds that 31.3% of the population values cure at all costs, and 8.5% of the population use financial solvency to dominate medical decision making. This study shares insight to the US population values and trade-offs between health outcomes and financial health, and highlights the difficult…
Preferences/Values | Culture/Society | Economics/Finance | Priority Setting/Ethics | Health Outcomes | Health Systems | Health/Medicine | North America -
ReviewPublication 2016Remembering Howard Raiffa
Howard Raiffa (1924-2016) had a profound influence on all aspects of the decision sciences and on …
Howard Raiffa (1924-2016) had a profound influence on all aspects of the decision sciences and on the fields of systems analysis and operations research. He guided the introduction of the decision sciences into numerous fields such as business, medicine, public health, the environmental sciences, and law, and was instrumental in building world-recognized institutions such as the Kennedy School at Harvard and the International Institute for Applied Systems Analysis near Vienna, Austria. This article is a thoughtful tribute by…
Preferences/Values | Decision Theory | Economics/Finance | Decision Analysis | Operations Research | Business/Industry | Health/Medicine | Military/Defense | North America -
ArticlePublication 2015Valuing Regulations Affecting Addictive or Habitual Goods
The analysis of regulations affecting addictive or habitual goods has drawn considerable controversy. Some studies …
The analysis of regulations affecting addictive or habitual goods has drawn considerable controversy. Some studies have suggested that such regulations have only small welfare benefits, as consumers value these goods despite health benefits from quitting, while other studies suggest that information or behavioral problems make existing consumption decisions a poor guide to welfare evaluation. This analysis examines potential utility offsets to health benefits of regulations affecting addictive or habitual goods theoretically and empirically. The paper…
Preferences/Values | Culture/Society | Economics/Finance | Benefit-Cost Analysis | Chronic Disease/Risk | Social Determinants | Policy/Regulation | Health/Medicine | North America -
ArticlePublication 2007Decision Analysis: A Personal Account of How It Got Started and Evolved
In this chapter, Howard Raiffa discusses the evolution of decision analysis and his personal involvement …
In this chapter, Howard Raiffa discusses the evolution of decision analysis and his personal involvement in its development. He describes the early days of Operations Research (OR) in the late 1940s with its approach to complex, strategic decision making. After reading John von Neumann and Oskar Morgenstern’s Theory of Games and Economic Behavior (1947) and Abraham Wald’s two books (1947, 1950), he became involved in statistical decision theory. A few years later, after reading Leonard…
Preferences/Values | Decision Theory | Economics/Finance | Probability/Bayes | Decision Analysis | Operations Research | Business/Industry | Energy/Engineering | Health/Medicine -
ArticlePublication 2000Discipline of Cost-Benefit Analysis
Cost-benefit analysis is a general discipline, based on the use of some foundational principles, which …
Cost-benefit analysis is a general discipline, based on the use of some foundational principles, which are not altogether controversial, but have nevertheless considered plausibility. Divisiveness increases as various additional requirements are imposed. There is a trade-off here between easier usability (through locked-up formulae) and more general acceptability (through allowing parametric variations). The paper, by Amartya Sen, examines and scrutinizes the merits and demerits of these additional requirements. The particular variant of cost-benefit approach that is…
Preferences/Values | Culture/Society | Economics/Finance | Priority Setting/Ethics | Benefit-Cost Analysis | Government/Law -
ReviewPublication 1982Decision Analysis: An Overview
This article, written for the non-decision analyst, describes what decision analysis is, what it can …
This article, written for the non-decision analyst, describes what decision analysis is, what it can and cannot do, why one should care to do this, and how one does it. Keeney describes decision analysis as "a formalization of common sense for decision problems which are too complex for informal use of common sense." He provides a more technical definition also, describing decision analysis as "a philosophy, articulated by a set of logical axioms, and a methodology…
Preferences/Values | Decision Theory | Economics/Finance | Decision Analysis | Policy/Regulation | Business/Industry | Energy/Engineering | Government/Law | Health/Medicine | Military/Defense | Science/Technology -
ArticlePublication 2022Vaccinations versus Lockdowns to Prevent COVID-19 Mortality
This analysis estimated the costs associated with preventing Covid-19 deaths by vaccinations versus lockdowns. Publicly …
This analysis estimated the costs associated with preventing Covid-19 deaths by vaccinations versus lockdowns. Publicly available datasets from the Israeli Ministry of Health were used to model the parameters of the pandemic in Israel. The Oxford COVID-19 Government Response Tracker was used for quantitative data on government policies. Data on the Israeli economy were taken from the Central Bureau of Statistics. The models demonstrate that the first lockdown prevented 1022 COVID-19 deaths at the cost…
Decision Theory | Economics/Finance | Costing Methods | Health Outcomes | State-Transition | Decision Analysis | Infectious Diseases | Policy/Regulation | Government/Law | Health/Medicine | Middle East & North Africa