Expected Value of Partial Perfect InformationEVPPI, Partial Perfect-Information Value
The maximum value of completely resolving uncertainty in a specific subset of a model's parameters, while other parameters remain uncertain.
Uncertainty & Value of Information
Terms for describing and quantifying uncertainty in economic evaluations and for valuing further research.
- Topic: Uncertainty & Value of Information
- 37 terms
- Editor reviewed
Expected Value of Perfect InformationEVPI, Perfect-Information Value
Expected value of perfect information is the expected increase in net benefit from eliminating all decision-relevant uncertainty before choosing among the available strategies.
Expected Value of Sample InformationEVSI, Sample-Information Value
Expected value of sample information is the expected increase in the value of a decision when a specified study’s possible data can update uncertainty before a strategy is chosen.
Expert ElicitationStructured Expert Judgement, Elicitation of Expert Opinion
A structured process for obtaining quantitative judgements from subject matter experts on uncertain quantities when direct empirical data are unavailable.
First-Order UncertaintyStochastic Uncertainty, Individual-Level Variability
Uncertainty arising from variation among individual patients within a modelled population, unlike parameter uncertainty concerning imperfect knowledge of a true average value.
Gamma DistributionGamma Density, Gamma Model Distribution
The gamma distribution is a continuous probability distribution on positive values, defined here by shape and scale parameters that control its mean, variance, and skew.
Methodological UncertaintyMethods Uncertainty, Analytic Uncertainty
Uncertainty arising from the choice of analytical methods or structural assumptions, such as discount rate, rather than the numerical values used within a fixed method.
Monte Carlo ErrorMCSE, Simulation Sampling Error
Monte Carlo error is the random numerical difference between a finite-simulation estimate and the target quantity it would approach with sufficiently many valid draws under the specified model.