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Accounting for uncertainty in health economic decision models by using model averaging

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  • Christopher H. Jackson
  • Simon G. Thompson
  • Linda D. Sharples

Abstract

Health economic decision models are subject to considerable uncertainty, much of which arises from choices between several plausible model structures, e.g. choices of covariates in a regression model. Such structural uncertainty is rarely accounted for formally in decision models but can be addressed by model averaging. We discuss the most common methods of averaging models and the principles underlying them. We apply them to a comparison of two surgical techniques for repairing abdominal aortic aneurysms. In model averaging, competing models are usually either weighted by using an asymptotically consistent model assessment criterion, such as the Bayesian information criterion, or a measure of predictive ability, such as Akaike's information criterion. We argue that the predictive approach is more suitable when modelling the complex underlying processes of interest in health economics, such as individual disease progression and response to treatment. Copyright (c) 2009 Royal Statistical Society.

Suggested Citation

  • Christopher H. Jackson & Simon G. Thompson & Linda D. Sharples, 2009. "Accounting for uncertainty in health economic decision models by using model averaging," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 172(2), pages 383-404.
  • Handle: RePEc:bla:jorssa:v:172:y:2009:i:2:p:383-404
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    Cited by:

    1. Jackson Christopher H & Sharples Linda D & Thompson Simon G, 2010. "Survival Models in Health Economic Evaluations: Balancing Fit and Parsimony to Improve Prediction," The International Journal of Biostatistics, De Gruyter, vol. 6(1), pages 1-31, October.
    2. Christopher H. Jackson & Linda D. Sharples & Simon G. Thompson, 2010. "Structural and parameter uncertainty in Bayesian cost-effectiveness models," Journal of the Royal Statistical Society Series C, Royal Statistical Society, vol. 59(2), pages 233-253.
    3. Vanina Forget, 2012. "Doing well and doing good: a multi-dimensional puzzle," Working Papers hal-00672037, HAL.
    4. repec:spr:pharme:v:36:y:2018:i:2:d:10.1007_s40273-017-0603-4 is not listed on IDEAS

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