Bayesian cost‐effectiveness analysis from clinical trial data
Statistics in MedicinePublished 16 February 2001Open access
Anthony O’Hagan, John Stevens, Jacques Montmartin
Citations110
SJR quartileQ1
SJR score1.27
SNIP1.33
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TL;DR
Bayesian computations for this curve in the case where data on both costs and efficacy are available from a clinical trial are presented, leading to a more conclusive assessment of cost‐effectiveness.
Abstract
A key tool for assessing the relative cost-effectiveness of two treatments in health economics is the incremental C/E acceptability curve. We present Bayesian computations for this curve in the case where data on both costs and efficacy are available from a clinical trial. Analysis is given under various formulations of prior information. A case study is analysed in which reasonable prior information is shown to strengthen substantially the posterior inference, leading to a more conclusive assessment of cost-effectiveness. Calculations can be performed using readily available Bayesian software.
Keywords
MathematicsEconomics, Econometrics and Finance
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