Economic evaluation using decision analytical modelling: design, conduct, analysis, and reporting

• Published in: BMJ Vol. 342; no. 7808; pp. 1195 - 1198
• Main Authors: Petrou, Stavros, Gray, Alastair
• Format: Journal Article
• Language: English
• Published: England British Medical Journal Publishing Group 11.04.2011; BMJ Publishing Group; BMJ Publishing Group LTD
• Subjects: Analytical models; Breast cancer; Clinical decision making; Cost analysis; Cost effectiveness analysis; Cost estimation models; Cost-Benefit Analysis; Decision making; Decision Support Techniques; Decision theory; Decision trees; Diabetes; Disease models; Drug design; Economic models; Expected values; Health outcomes; Markov Chains; Medical screening; Modeling; Models, Economic; Pharmacoeconomics; Probability; Quality-Adjusted Life Years; Research Design; RESEARCH METHODS & REPORTING; Simulations; Variable costs
• ISSN: 0959-8138; 1756-1833; 1468-5833; 1756-1833
• DOI: 10.1136/bmj.d1766

SUMMARY POINTS Decision analytical modelling for economic evaluation uses mathematical techniques to determine the expected costs and consequences of alternative options Methods of modelling include decision trees, Markov models, patient level simulation models, discrete event simulations, and system dynamic models The process of identifying and synthesising evidence for a model should be transparent and appropriate to decision makers' objectives The results of decision analytical models are subject to the influences of variability, uncertainty, and heterogeneity, and these must be handled appropriately Validation of model based economic evaluations strengthens the credibility of their results