IDEAS home Printed from https://ideas.repec.org/a/eee/jhecon/v20y2001i1p109-129.html
   My bibliography  Save this article

Addressing uncertainty in medical cost-effectiveness analysis: Implications of expected utility maximization for methods to perform sensitivity analysis and the use of cost-effectiveness analysis to set priorities for medical research

Author

Listed:
  • Meltzer, David

Abstract

No abstract is available for this item.

Suggested Citation

  • Meltzer, David, 2001. "Addressing uncertainty in medical cost-effectiveness analysis: Implications of expected utility maximization for methods to perform sensitivity analysis and the use of cost-effectiveness analysis to s," Journal of Health Economics, Elsevier, vol. 20(1), pages 109-129, January.
  • Handle: RePEc:eee:jhecon:v:20:y:2001:i:1:p:109-129
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0167-6296(00)00071-0
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Aaron A. Stinnett & John Mullahy, 1998. "Net Health Benefits," Medical Decision Making, , vol. 18(2_suppl), pages 68-80, April.
    2. Hornberger, J., 1998. "A cost-benefit analysis of a cardiovascular disease prevention trial, using folate supplementation as an example," American Journal of Public Health, American Public Health Association, vol. 88(1), pages 61-67.
    3. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    4. Charles E. Phelps & Alvin I. Mushlin, 1988. "Focusing Technology Assessment Using Medical Decision Theory," Medical Decision Making, , vol. 8(4), pages 279-289, December.
    5. Kenneth J. Arrow & Robert C. Lind, 1974. "Uncertainty and the Evaluation of Public Investment Decisions," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 3, pages 54-75, Palgrave Macmillan.
    6. David M. Cutler & Elizabeth Richardson, 1997. "Measuring the Health of the U.S. Population," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(1997 Micr), pages 217-282.
    7. Aaron A. Stinnett & John Mullahy, 1998. "Net Health Benefits: A New Framework for the Analysis of Uncertainty in Cost-Effectiveness Analysis," NBER Technical Working Papers 0227, National Bureau of Economic Research, Inc.
    8. Maiwenn J. Al & Ben A. Van Hout & Bowine C. Michel & Frans F.H. Rutten, 1998. "Sample size calculation in economic evaluations," Health Economics, John Wiley & Sons, Ltd., vol. 7(4), pages 327-335, June.
    9. Claxton, Karl, 1999. "The irrelevance of inference: a decision-making approach to the stochastic evaluation of health care technologies," Journal of Health Economics, Elsevier, vol. 18(3), pages 341-364, June.
    10. James C. Felli & Gordon B. Hazen, 1998. "Sensitivity Analysis and the Expected Value of Perfect Information," Medical Decision Making, , vol. 18(1), pages 95-109, January.
    11. Aaron A. Stinnett & A. David Paltiel, 1997. "Estimating CE Ratios under Second-order Uncertainty," Medical Decision Making, , vol. 17(4), pages 483-489, October.
    12. Michael Rothschild & Joseph Stiglitz, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(4), pages 629-649.
    13. Joseph P. Newhouse, 1992. "Medical Care Costs: How Much Welfare Loss?," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 3-21, Summer.
    14. Karl Claxton & John Posnett, "undated". "An Economic Approach to Clinical Trial Design and Research Priority Setting," Discussion Papers 96/19, Department of Economics, University of York.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Schulenburg J.-Matthias Graf von der & Vauth Christoph, 2007. "Nach welchen ökonomischen Methoden sollten Gesundheitsleistungen in Deutschland evaluiert werden? / According to Which Economic Methods Should Health Care Services Become Evaluated in Germany?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 227(5-6), pages 787-806, October.
    2. Charles F Manski, 2007. "Adaptive Minimax-Regret Treatment Choice, with Application to Drug Approval," Levine's Working Paper Archive 122247000000001404, David K. Levine.
    3. Charles F. Manski, 2022. "Patient‐centered appraisal of race‐free clinical risk assessment," Health Economics, John Wiley & Sons, Ltd., vol. 31(10), pages 2109-2114, October.
    4. Alan Brennan & Samer Kharroubi & Anthony O'Hagan & Jim Chilcott, 2007. "Calculating Partial Expected Value of Perfect Information via Monte Carlo Sampling Algorithms," Medical Decision Making, , vol. 27(4), pages 448-470, July.
    5. Samer A. Kharroubi & Alan Brennan & Mark Strong, 2011. "Estimating Expected Value of Sample Information for Incomplete Data Models Using Bayesian Approximation," Medical Decision Making, , vol. 31(6), pages 839-852, November.
    6. Anirban Basu & Josh J. Carlson & David L. Veenstra, 2016. "A Framework for Prioritizing Research Investments in Precision Medicine," Medical Decision Making, , vol. 36(5), pages 567-580, July.
    7. Alan Brennan & Samer A. Kharroubi, 2007. "Expected value of sample information for Weibull survival data," Health Economics, John Wiley & Sons, Ltd., vol. 16(11), pages 1205-1225, November.
    8. Lotte Steuten & Gijs Wetering & Karin Groothuis-Oudshoorn & Valesca Retèl, 2013. "A Systematic and Critical Review of the Evolving Methods and Applications of Value of Information in Academia and Practice," PharmacoEconomics, Springer, vol. 31(1), pages 25-48, January.
    9. Rafael Almeida da Matta & Mônica Viegas Andrade, 2006. "Avaliação Econômica Do Impacto Do Programa De Controle De Homicídios Fica Vivo," Anais do XII Semin·rio sobre a Economia Mineira [Proceedings of the 12th Seminar on the Economy of Minas Gerais], in: João Antonio de Paula & et alli (ed.),Anais do XII Seminário sobre a Economia Mineira [Proceedings of the 12th Seminar on the Economy of Minas Gerais], Cedeplar, Universidade Federal de Minas Gerais.
    10. Oakley, Jeremy E. & Brennan, Alan & Tappenden, Paul & Chilcott, Jim, 2010. "Simulation sample sizes for Monte Carlo partial EVPI calculations," Journal of Health Economics, Elsevier, vol. 29(3), pages 468-477, May.
    11. Anirban Basu & David Meltzer, 2012. "Private Manufacturers’ Thresholds to Invest in Comparative Effectiveness Trials," PharmacoEconomics, Springer, vol. 30(10), pages 859-868, October.
    12. Sharma, Rajiv & Stano, Miron, 2010. "Implications of an economic model of health states worse than dead," Journal of Health Economics, Elsevier, vol. 29(4), pages 536-540, July.
    13. Natalia Olchanski & Joshua T. Cohen & Peter J. Neumann & John B. Wong & David M. Kent, 2017. "Understanding the Value of Individualized Information: The Impact of Poor Calibration or Discrimination in Outcome Prediction Models," Medical Decision Making, , vol. 37(7), pages 790-801, October.
    14. Fleurence, Rachael L. & Torgerson, David J., 2004. "Setting priorities for research," Health Policy, Elsevier, vol. 69(1), pages 1-10, July.
    15. Charles F. Manski, 2016. "Credible Ecological Inference for Personalized Medicine: Formalizing Clinical Judgment," NBER Working Papers 22643, National Bureau of Economic Research, Inc.
    16. Brennan, Alan & Kharroubi, Samer A., 2007. "Efficient computation of partial expected value of sample information using Bayesian approximation," Journal of Health Economics, Elsevier, vol. 26(1), pages 122-148, January.
    17. Rachael L. Fleurence, 2007. "Setting priorities for research: a practical application of 'payback' and expected value of information," Health Economics, John Wiley & Sons, Ltd., vol. 16(12), pages 1345-1357.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Stefano Conti & Karl Claxton, 2008. "Dimensions of design space: a decision-theoretic approach to optimal research design," Working Papers 038cherp, Centre for Health Economics, University of York.
    2. Fleurence, Rachael L. & Torgerson, David J., 2004. "Setting priorities for research," Health Policy, Elsevier, vol. 69(1), pages 1-10, July.
    3. Brennan, Alan & Kharroubi, Samer A., 2007. "Efficient computation of partial expected value of sample information using Bayesian approximation," Journal of Health Economics, Elsevier, vol. 26(1), pages 122-148, January.
    4. Claxton, K. & Thompson, K. M., 2001. "A dynamic programming approach to the efficient design of clinical trials," Journal of Health Economics, Elsevier, vol. 20(5), pages 797-822, September.
    5. Claxton, Karl, 1999. "The irrelevance of inference: a decision-making approach to the stochastic evaluation of health care technologies," Journal of Health Economics, Elsevier, vol. 18(3), pages 341-364, June.
    6. Martin Henriksson & Fredrik Lundgren & Per Carlsson, 2006. "Informing the efficient use of health care and health care research resources ‐ the case of screening for abdominal aortic aneurysm in Sweden," Health Economics, John Wiley & Sons, Ltd., vol. 15(12), pages 1311-1322, December.
    7. Rachael L. Fleurence, 2007. "Setting priorities for research: a practical application of 'payback' and expected value of information," Health Economics, John Wiley & Sons, Ltd., vol. 16(12), pages 1345-1357.
    8. Bas Groot Koerkamp & M. G. Myriam Hunink & Theo Stijnen & Milton C. Weinstein, 2006. "Identifying key parameters in cost‐effectiveness analysis using value of information: a comparison of methods," Health Economics, John Wiley & Sons, Ltd., vol. 15(4), pages 383-392, April.
    9. Casey Quinn, 2005. "Generalisable regression methods for costeffectiveness using copulas," Health, Econometrics and Data Group (HEDG) Working Papers 05/13, HEDG, c/o Department of Economics, University of York.
    10. Simon Eckermann & Andrew Willan, 2011. "Presenting Evidence and Summary Measures to Best Inform Societal Decisions When Comparing Multiple Strategies," PharmacoEconomics, Springer, vol. 29(7), pages 563-577, July.
    11. Haitham Tuffaha & Shelley Roberts & Wendy Chaboyer & Louisa Gordon & Paul Scuffham, 2015. "Cost-Effectiveness and Value of Information Analysis of Nutritional Support for Preventing Pressure Ulcers in High-risk Patients: Implement Now, Research Later," Applied Health Economics and Health Policy, Springer, vol. 13(2), pages 167-179, April.
    12. Elizabeth Fenwick & Karl Claxton & Mark Sculpher & Andrew Briggs, 2000. "Improving the efficiency and relevance of health technology assessent: the role of iterative decision analytic modelling," Working Papers 179chedp, Centre for Health Economics, University of York.
    13. Simon Eckermann & Andrew R. Willan, 2009. "Globally optimal trial design for local decision making," Health Economics, John Wiley & Sons, Ltd., vol. 18(2), pages 203-216, February.
    14. Simon Eckermann & Tim Coelli, 2008. "Including quality attributes in a model of health care efficiency: A net benefit approach," CEPA Working Papers Series WP032008, School of Economics, University of Queensland, Australia.
    15. Niklas Zethraeus & Magnus Johannesson & Bengt Jönsson & Mickael Löthgren & Magnus Tambour, 2003. "Advantages of Using the Net-Benefit Approach for Analysing Uncertainty in Economic Evaluation Studies," PharmacoEconomics, Springer, vol. 21(1), pages 39-48, January.
    16. Karl Claxton & Elisabeth Fenwick & Mark J. Sculpher, 2012. "Decision-making with Uncertainty: The Value of Information," Chapters, in: Andrew M. Jones (ed.), The Elgar Companion to Health Economics, Second Edition, chapter 51, Edward Elgar Publishing.
    17. Mohan V. Bala & Gary A. Zarkin & Josephine Mauskopf, 2008. "Presenting results of probabilistic sensitivity analysis: the incremental benefit curve," Health Economics, John Wiley & Sons, Ltd., vol. 17(3), pages 435-440, March.
    18. Mark Sculpher & Karl Claxton, 2012. "Real Economics Needs to Reflect Real Decisions," PharmacoEconomics, Springer, vol. 30(2), pages 133-136, February.
    19. Nikki McCaffrey & Meera Agar & Janeane Harlum & Jonathon Karnon & David Currow & Simon Eckermann, 2015. "Better Informing Decision Making with Multiple Outcomes Cost-Effectiveness Analysis under Uncertainty in Cost-Disutility Space," PLOS ONE, Public Library of Science, vol. 10(3), pages 1-19, March.
    20. Helen Dakin & Morris Sherman & Scott Fung & Carrie Fidler & Anthony Bentley, 2011. "Cost Effectiveness of Tenofovir Disoproxil Fumarate for the Treatment of Chronic Hepatitis B from a Canadian Public Payer Perspective," PharmacoEconomics, Springer, vol. 29(12), pages 1075-1091, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jhecon:v:20:y:2001:i:1:p:109-129. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505560 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.