The expected value of perfect information is the price that a healthcare decision maker would be willing to pay to have perfect information regarding all factors that influence which treatment choice is preferred as the result of a cost-effectiveness analysis. This is the value (in money terms) of removing all uncertainty from such an analysis. 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).
How to cite: Expected Value of Perfect Information (EVPI) [online]. (2016). York; York Health Economics Consortium; 2016. https://yhec.co.uk/glossary/expected-value-of-perfect-information-evpi/