PharmacoEconomics (2013) 31:25–48
DOI 10.1007/s40273-012-0008-3

SYSTEMATIC REVIEW

A Systematic and Critical Review of the Evolving Methods and Applications of Value of Information in Academia and Practice
Lotte Steuten • Gijs van de Wetering •
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Karin Groothuis-Oudshoorn • Valesca Retel

Published online: 4 December 2012
Ó Springer International Publishing Switzerland 2012

Abstract
Objective This article provides a systematic and critical review of the evolving methods and applications of value of information (VOI) in academia and practice and discusses where future research needs to be directed.
Methods Published VOI studies were identified by conducting a computerized search on Scopus and ISI Web of
Science from
Therefore, this paper introduces the concept of VOI in a non-theoretical way and provides a systematic and critical review of the evolving methods and applications of VOI in academia and practice.

2 VOI Analysis
To the extent that decision making between alternative courses of action in healthcare is based on evidence regarding clinical and cost effectiveness and aims to maximize net health benefit, at decision time, any decision maker will (or should) ask himself: Is the current evidence base regarding the clinical and cost effectiveness of this medical technology or treatment sufficiently certain for the

L. Steuten et al.

decision I’m about to make today? And what are the consequences of an uncertain, and thus potentially wrong, decision? Would postponing the decision to await further evidence increase or decrease the net benefit of healthcare to society?
VOI analysis helps to answer these questions as it can explicitly and quantitatively inform two related decisions, by using specific VOI methods for each [1, 7]. The first decision is whether to adopt a health technology given existing evidence; the second decision is whether more information is required to support this decision in the future
[8]. VOI analysis is based on the