The Library
Monte Carlo probabilistic sensitivity analysis for patient level simulation models : efficient estimation of mean and variance using anova
Tools
Tools
Tools
O'Hagan, A., Stevenson, M. and Madan, Jason (2006) Monte Carlo probabilistic sensitivity analysis for patient level simulation models : efficient estimation of mean and variance using anova. Health Economics, 16 (10). 1009- 1023. doi:10.1002/hec.1199
Research output not available from this repository, contact author.
Official URL: https://doi.org/10.1002/hec.1199
Abstract
Probabilistic sensitivity analysis (PSA) is required to account for uncertainty in cost-effectiveness calculations arising from health economic models. The simplest way to perform PSA in practice is by Monte Carlo methods, which involves running the model many times using randomly sampled values of the model inputs. However, this can be impractical when the economic model takes appreciable amounts of time to run. This situation arises, in particular, for patient-level simulation models (also known as micro-simulation or individual-level simulation models), where a single run of the model simulates the health care of many thousands of individual patients. The large number of patients required in each run to achieve accurate estimation of cost-effectiveness means that only a relatively small number of runs is possible. For this reason, it is often said that PSA is not practical for patient-level models. We develop a way to reduce the computational burden of Monte Carlo PSA for patient-level models, based on the algebra of analysis of variance. Methods are presented to estimate the mean and variance of the model output, with formulae for determining optimal sample sizes. The methods are simple to apply and will typically reduce the computational demand very substantially. Copyright © 2006 John Wiley & Sons, Ltd.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | R Medicine > R Medicine (General) | ||||
| Divisions: | Faculty of Medicine > Warwick Medical School > Health Sciences > Clinical Trials Unit Faculty of Medicine > Warwick Medical School > Health Sciences Faculty of Medicine > Warwick Medical School |
||||
| Journal or Publication Title: | Health Economics | ||||
| Publisher: | John Wiley & Sons Ltd. | ||||
| ISSN: | 1057-9230 | ||||
| Official Date: | 18 December 2006 | ||||
| Dates: |
|
||||
| Volume: | 16 | ||||
| Number: | 10 | ||||
| Page Range: | 1009- 1023 | ||||
| DOI: | 10.1002/hec.1199 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
Request changes or add full text files to a record
Repository staff actions (login required)
 |
View Item |
