A value of information framework for assessing the trade-offs associated with uncertainty, duration, and cost of chemical toxicity testing.

ABSTRACT: A number of investigators have explored the use of value of information (VOI) analysis to evaluate alternative information collection procedures in diverse decision-making contexts. This paper presents an analytic framework for determining the value of toxicity information used in risk-based decision making. The framework is specifically designed to explore the trade-offs between cost, timeliness, and uncertainty reduction associated with different toxicity-testing methodologies. The use of the proposed framework is demonstrated by two illustrative applications which, although based on simplified assumptions, show the insights that can be obtained through the use of VOI analysis. Specifically, these results suggest that timeliness of information collection has a significant impact on estim

SUBMITTER: Hagiwara S 

PROVIDER: S-EPMC10515440 | biostudies-literature | 2023 Mar

REPOSITORIES: biostudies-literature