Expected value of perfect information (EVPI)

The expected value of perfect information (EVPI) represents the price that a healthcare decision maker would be willing to pay to have perfect information regarding all parameters that influence the final results of an economic model. In monetary terms, this is the value of removing all uncertainty from economic analyses. EVPI is calculated as the difference in the monetary value of health gain associated with a decision between therapy alternatives between when the choice is made on the basis of with currently available information (i.e. uncertainty in the factors of interest) and when the choice is made based on perfect information (no uncertainty in all factors).