HEVAL5120 – Modeling in economic evaluation I
Course description
Course content
The course aims to introduce the basic principles of deterministic and probabilistic modelling in economic evaluation of health programmes (decision trees, Markov models). You will learn to know how to structure a decision problem and how to estimate the incremental cost-effectiveness (ICER), cost-effectiveness acceptability curves (CEACs) and cost-effectiveness frontiers (CEAFs). The estimations will be carried out in excel.
Learning outcome
Knowledge
You will gain knowledge of:
- Theoretical foundation of modelling
- Types of models
- Development of decision trees and Markov models
- Partitioned survival models
- Probabilistic analysis (PA)
- Interpret the results of PA
Skills
You will learn how to:
- Define a decision problem and translate it into a decision analytic model
- Develop decision trees in excel
- Develop Markov models in excel
- Undertake partitioned survival models
- Undertake deterministic sensitivity analysis
- Use Bayes’ theorem for probability revision
- Undertake probabilistic analysis in excel and VBA (macros)
- Use results from clinical trials and other data sources as inputs in models