The COVID-19 pandemic has highlighted major methodological issues regarding the assessment of value, the trade-offs involved, and the approaches to estimating the public health and economic consequences. The public health concern is to decrease transmission, sustain hospital capacity, and reduce mortality, by imposing various measures on the population; the trade-offs include increased unemployment, diminished GDP, substantial rescue packages, and massive damage to some industries. Today, much as it was 50 years ago in our field, these expanded trade-offs are mostly made informally by various authorities, but newer methods of “public health economics” are emerging to help decision makers with quantitative understanding of the consequences. This session will explore an expanded perspective on HEOR scope and application and examine, in turn, possible lessons for our consideration of value and its assessment.