Adding Value to CHEERS: New Reporting Standards for Value of Information Analyses

Value of Information (VOI) is a slightly abstract, yet intuitive concept that uses existing evidence to estimate the value of potential future research on the basis of the expected reduction in the probability of making a decision that does not maximise expected net benefits. For many health economists, Karl Claxton’s seminal paper on the irrelevance of inference, published almost 25 years ago, would have been the gateway to the concept of VOI. Since then, methods for the application of VOI analysis to health technologies and services have been developed and extended consistently. One might say it is about time reporting standards for VOI studies were produced, which is what Kunst and colleagues have recently published, building on the second version of the Consolidated Health Economic Evaluation Reporting Standards (CHEERS 2022) to create CHEERS-VOI...