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Bayesian cost‐effectiveness analysis from clinical trial data
Author(s) -
O'Hagan Anthony,
Stevens John W.,
Montmartin Jacques
Publication year - 2001
Publication title -
statistics in medicine
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.996
H-Index - 183
eISSN - 1097-0258
pISSN - 0277-6715
DOI - 10.1002/sim.861
Subject(s) - bayesian probability , computer science , inference , bayesian inference , bayesian experimental design , key (lock) , cost effectiveness analysis , bayesian statistics , econometrics , clinical trial , computation , statistics , data mining , cost effectiveness , medicine , artificial intelligence , mathematics , algorithm , computer security , pathology
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. Copyright © 2001 John Wiley & Sons, Ltd.