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Expected Value of Sample Information, Net Benefit of Sampling
Information has a value in utility terms. Consider a diagnostic test. It provides data, which, when duly interpreted, become information that may allow treatment to be individualized and expected outcome utility to increase. Three qualifications include the following:
First, a test may be too uninformative to influence treatment: VOI (valueofinformation) = 0. However, expected utility cannot decrease: VOI is never negative.
Second, these are average statements. New diagnostic tests, even when correctly interpreted, will often cause outcome utility to decrease for some patients. When population screening is introduced, false positives pay a price.
Third, misinformation does carry negative value. Utility may suffer when decisions rest on biased research or when diagnostic test results are wrongly interpreted, for example, due to overly optimistic ideas concerning sensitivity or specificity.
In this ...
- Basis for Making the Decision
- Acceptability Curves and Confidence Ellipses
- Beneficence
- Bioethics
- Choice Theories
- Construction of Values
- Cost-Benefit Analysis
- Cost-Comparison Analysis
- Cost-Consequence Analysis
- Cost-Effectiveness Analysis
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- Decision Quality
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- Expected Utility Theory
- Expected Value of Perfect Information
- Extended Dominance
- Health Production Function
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- Monetary Value
- Moral Choice and Public Policy
- Net Benefit Regression
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- Protected Values
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- Subjective Expected Utility Theory
- Toss-Ups and Close Calls
- Value-Based Insurance Design
- Welfare, Welfarism, and Extrawelfarism
- Biostatistics and Clinical Epidemiology
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- Bayesian Analysis
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- Expected Value of Sample Information, Net Benefit of Sampling
- Influence Diagrams
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- Human Capital Approach
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- Certainty Equivalent
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- Disability-Adjusted Life Years (DALYs)
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- EuroQol (EQ-5D)
- Health Utilities Index Mark 2 and 3 (HUI2, HUI3)
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- Holistic Measurement
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- Decisions Faced by Hospital Ethics Committees
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- Decisions Faced by Nongovernment Payers of Healthcare: Managed Care
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- Diagnostic Process, Making a Diagnosis
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- Evaluating and Integrating Research Into Clinical Practice
- Evidence Synthesis
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- Genetic Testing
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- Teaching Diagnostic Clinical Reasoning
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- Information Integration Theory
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- Irrational Persistence in Belief
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- Learning and Memory in Medical Training
- Lens Model
- Lottery
- Managing Variability and Uncertainty
- Memory Reconstruction
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- Prospect Theory
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- Risk Attitude
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- Social Factors
- Social Judgment Theory
- Stigma Susceptibility
- Support Theory
- Uncertainty in Medical Decisions
- Unreliability of Memory
- Value Functions in Domains of Gains and Losses
- Worldviews
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