November 2012
Intermediate to advanced
244 pages
7h 15m
English
Content preview from Bayesian Methods in Health Economics
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110 Bayesian Methods in Health Economics
0 10000 20000 30000 40000 50000
0 50000 150000 250000 350000
EVPI as a function of the risk aversion parameter
Willingness to pay
r → 0
r = 1e−08
r = 2.5e−08
r = 5e−08
FIGURE 3.12
PSA by means of the EVPI, accounting for risk aversion. Different choices of r
imply a different shape for the EVPI. In particular, the break even point (i.e.
the point corresponding to the value of k where the optimal decision changes
from the status quo to vaccination) changes for the four scenarios analysed.
This is due to the different decision-maker’s attitude to risk, as specified by r.
r. This is essentially because r is a multiplicative ...
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