November 2012
Intermediate to advanced
244 pages
7h 15m
English
Content preview from Bayesian Methods in Health Economics
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Statistical cost-effectiveness analysis 95
0 10000 20000 30000 40000 50000
0.0 0.2 0.4 0.6 0.8 1.0
Cost Effectiveness Acceptability Curve
Willingness to pay
Probability of cost effectiveness
FIGURE 3.4
PSA by means of the analysis of the CEAC. For each value of the willingness-
to-pay parameter k, the CEAC is computed as the proportion of simulations
for which IB(θ) > 0. Higher values for the CEAC indicate that, for a given
budget that the decision-maker is willing to invest, the probability that vac-
cination is in fact more cost-effective than the status quo is large.
it is that resolving parameters’ uncertainty will change the optimal decision
(Felli
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