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Probabilistic Sensitivity Analysis in Health Economics

Baio, G; Dawid, AP; (2008) Probabilistic Sensitivity Analysis in Health Economics. (Research Report 292/08, Department of Statistical Science 292/08 ). University College London: London. Green open access

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Abstract

Health economic evaluations have recently built upon more advanced statistical decision-theoretic foundations and nowadays it is officially required that uncertainty about both parameters and observable variables be taken into account thoroughly, increasingly often by means of Bayesian methods. Among these, Probabilistic Sensitivity Analysis (PSA) has assumed a predominant role and Cost Effectiveness Acceptability Curves (CEACs) are established as the most important tool. The objective of this paper is to review the problem of health economic assessment from the standpoint of Bayesian statistical decision theory with particular attention to the philosophy underlying the procedures for sensitivity analysis. We advocate here the use of an integrated vision that is based on the value of information analysis, a procedure that is well grounded in the theory of decision under uncertainty, and criticise the indiscriminate use of other approaches to sensitivity analysis.

Type: Report
Title: Probabilistic Sensitivity Analysis in Health Economics
Open access status: An open access version is available from UCL Discovery
Publisher version: https://www.ucl.ac.uk/statistics/research/pdfs/rr2...
Language: English
Keywords: Bayesian decision theory, Health economic evaluation, Sensitivity analysis
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences > Dept of Statistical Science
URI: https://discovery.ucl.ac.uk/id/eprint/1472742
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