Calculating Partial Expected Value of Perfect Information via Monte Carlo Sampling Algorithms
Author
Abstract
Suggested Citation
DOI: 10.1177/0272989X07302555
Download full text from publisher
References listed on IDEAS
- Meltzer, David, 2001. "Addressing uncertainty in medical cost-effectiveness analysis: Implications of expected utility maximization for methods to perform sensitivity analysis and the use of cost-effectiveness analysis to s," Journal of Health Economics, Elsevier, vol. 20(1), pages 109-129, January.
- Gould, John P., 1974. "Risk, stochastic preference, and the value of information," Journal of Economic Theory, Elsevier, vol. 8(1), pages 64-84, May.
- Ronald A. Howard, 1988. "Decision Analysis: Practice and Promise," Management Science, INFORMS, vol. 34(6), pages 679-695, June.
- Andrew H. Briggs & A. E. Ades & Martin J. Price, 2003. "Probabilistic Sensitivity Analysis for Decision Trees with Multiple Branches: Use of the Dirichlet Distribution in a Bayesian Framework," Medical Decision Making, , vol. 23(4), pages 341-350, July.
- Karl Claxton & Simon Eggington & Laura Ginnelly & Susan Griffin & Christopher McCabe & Zoe Philips & Paul Tappenden & Alan Wailoo, 2005. "A Pilot Study of Value of Information Analysis to Support Research Recommendations for the National Institute for Health and Clinical Excellence," Working Papers 004cherp, Centre for Health Economics, University of York.
- Charles D. Linville & Benjamin F. Hobbs & Boddu N. Venkatesh, 2001. "Estimation of Error and Bias in Bayesian Monte Carlo Decision Analysis Using the Bootstrap," Risk Analysis, John Wiley & Sons, vol. 21(1), pages 63-74, February.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Straub, Daniel & Ehre, Max & Papaioannou, Iason, 2022. "Decision-theoretic reliability sensitivity," Reliability Engineering and System Safety, Elsevier, vol. 221(C).
- Mehdi Najafzadeh & Carlo Marra & Eleni Galanis & David Patrick, 2009. "Cost Effectiveness of Herpes Zoster Vaccine in Canada," PharmacoEconomics, Springer, vol. 27(12), pages 991-1004, December.
- Yunpeng Sun & Daniel W. Apley & Jeremy Staum, 2011. "Efficient Nested Simulation for Estimating the Variance of a Conditional Expectation," Operations Research, INFORMS, vol. 59(4), pages 998-1007, August.
- Wei Fang & Zhenru Wang & Michael B. Giles & Chris H. Jackson & Nicky J. Welton & Christophe Andrieu & Howard Thom, 2022. "Multilevel and Quasi Monte Carlo Methods for the Calculation of the Expected Value of Partial Perfect Information," Medical Decision Making, , vol. 42(2), pages 168-181, February.
- Oakley, Jeremy E. & Brennan, Alan & Tappenden, Paul & Chilcott, Jim, 2010. "Simulation sample sizes for Monte Carlo partial EVPI calculations," Journal of Health Economics, Elsevier, vol. 29(3), pages 468-477, May.
- Brett Houlding & Frank P. A. Coolen & Donnacha Bolger, 2015. "A Conjugate Class of Utility Functions for Sequential Decision Problems," Risk Analysis, John Wiley & Sons, vol. 35(9), pages 1611-1622, September.
- Laura McCullagh & Cathal Walsh & Michael Barry, 2012. "Value-of-Information Analysis to Reduce Decision Uncertainty Associated with the Choice of Thromboprophylaxis after Total Hip Replacement in the Irish Healthcare Setting," PharmacoEconomics, Springer, vol. 30(10), pages 941-959, October.
- Susan Griffin & Nicky J. Welton & Karl Claxton, 2010. "Exploring the Research Decision Space: The Expected Value of Information for Sequential Research Designs," Medical Decision Making, , vol. 30(2), pages 155-162, March.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Xiaoyi Liu & Jonghyun Lee & Peter Kitanidis & Jack Parker & Ungtae Kim, 2012. "Value of Information as a Context-Specific Measure of Uncertainty in Groundwater Remediation," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 26(6), pages 1513-1535, April.
- Vilkkumaa, Eeva & Liesiö, Juuso & Salo, Ahti, 2014. "Optimal strategies for selecting project portfolios using uncertain value estimates," European Journal of Operational Research, Elsevier, vol. 233(3), pages 772-783.
- A. E. Ades & Karl Claxton & Mark Sculpher, 2006. "Evidence synthesis, parameter correlation and probabilistic sensitivity analysis," Health Economics, John Wiley & Sons, Ltd., vol. 15(4), pages 373-381, April.
- Charles F Manski, 2007.
"Adaptive Minimax-Regret Treatment Choice, with Application to Drug Approval,"
Levine's Working Paper Archive
122247000000001404, David K. Levine.
- Charles F. Manski, 2007. "Adaptive Minimax-Regret Treatment Choice, With Application To Drug Approval," NBER Working Papers 13312, National Bureau of Economic Research, Inc.
- Thomas W. Keelin & Bradford W. Powley, 2011. "Quantile-Parameterized Distributions," Decision Analysis, INFORMS, vol. 8(3), pages 206-219, September.
- Rachael DiSantostefano & Andrea Biddle & John Lavelle, 2006. "The Long-Term Cost Effectiveness of Treatments for Benign Prostatic Hyperplasia," PharmacoEconomics, Springer, vol. 24(2), pages 171-191, February.
- Pedram Sendi & Huldrych F Günthard & Mathew Simcock & Bruno Ledergerber & Jörg Schüpbach & Manuel Battegay & for the Swiss HIV Cohort Study, 2007. "Cost-Effectiveness of Genotypic Antiretroviral Resistance Testing in HIV-Infected Patients with Treatment Failure," PLOS ONE, Public Library of Science, vol. 2(1), pages 1-8, January.
- David V. Pynadath & Bistra Dilkina & David C. Jeong & Richard S. John & Stacy C. Marsella & Chirag Merchant & Lynn C. Miller & Stephen J. Read, 2023. "Disaster world," Computational and Mathematical Organization Theory, Springer, vol. 29(1), pages 84-117, March.
- Caetani, Alberto Pavlick & Ferreira, Luciano & Borenstein, Denis, 2016. "Development of an integrated decision-making method for an oil refinery restructuring in Brazil," Energy, Elsevier, vol. 111(C), pages 197-210.
- Nick Bansback & Roberta Ara & Sue Ward & Aslam Anis & Hyon Choi, 2009. "Statin Therapy in Rheumatoid Arthritis," PharmacoEconomics, Springer, vol. 27(1), pages 25-37, January.
- Lu, Xuefei & Borgonovo, Emanuele, 2023. "Global sensitivity analysis in epidemiological modeling," European Journal of Operational Research, Elsevier, vol. 304(1), pages 9-24.
- Dubra Juan & Echenique Federico, 2001.
"Monotone Preferences over Information,"
The B.E. Journal of Theoretical Economics, De Gruyter, vol. 1(1), pages 1-18, December.
- Juan Dubra & Echenique, Federico, 2001. "Monotone Preferences over Information," Cowles Foundation Discussion Papers 1297, Cowles Foundation for Research in Economics, Yale University.
- Juan Dubra & Federico Echenique, 2004. "Monotone Preferences Over Information," Yale School of Management Working Papers ysm405, Yale School of Management.
- Kaufman, Gordon M. & Mattar, Mahdi, 2003. "Private Risk," Working papers 4316-03, Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Craig R. Fox & Robert T. Clemen, 2005. "Subjective Probability Assessment in Decision Analysis: Partition Dependence and Bias Toward the Ignorance Prior," Management Science, INFORMS, vol. 51(9), pages 1417-1432, September.
- Ya-Chen Shih & Josephine Mauskopf & Rohit Borker, 2007. "A Cost-Effectiveness Analysis of First-Line Controller Therapies for Persistent Asthma," PharmacoEconomics, Springer, vol. 25(7), pages 577-590, July.
- Jean-Paul Chavas & Rulon D. Pope, 1984.
"Information: Its Measurement and Valuation,"
American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(5), pages 705-710.
- Chavas, Jean-Paul & Pope, Rulon D., 1984. "Information: Its Measurement And Valuation," 1984 Annual Meeting, August 5-8, Ithaca, New York 279053, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- James C. Felli & Gordon B. Hazen, 2004. "Javelin Diagrams: A Graphical Tool for Probabilistic Sensitivity Analysis," Decision Analysis, INFORMS, vol. 1(2), pages 93-107, June.
- Dimitrios Gouglas & Kendall Hoyt & Elizabeth Peacocke & Aristidis Kaloudis & Trygve Ottersen & John-Arne Røttingen, 2019. "Setting Strategic Objectives for the Coalition for Epidemic Preparedness Innovations: An Exploratory Decision Analysis Process," Service Science, INFORMS, vol. 49(6), pages 430-446, November.
- Ali E. Abbas & Il-Horn Hann, 2010. "Measuring Risk Aversion in a Name-Your-Own-Price Channel," Decision Analysis, INFORMS, vol. 7(1), pages 123-136, March.
- Ali E. Abbas & N. Onur Bakır & Georgia-Ann Klutke & Zhengwei Sun, 2013. "Effects of Risk Aversion on the Value of Information in Two-Action Decision Problems," Decision Analysis, INFORMS, vol. 10(3), pages 257-275, September.
More about this item
Keywords
Key words: partial expected value of perfect information; Monte Carlo sampling; decision modeling. (Med Decis Making 2007:27:448—470);All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:medema:v:27:y:2007:i:4:p:448-470. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.