The Bayesian Cost–Effectiveness Decision Problem
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Cost–effectiveness analysis of medical treatments is a statistical decision problem whose aim is to choose an optimal treatment among a finite set of alternative treatments. It is assumed that the treatment selection is to be based on their cost and effectiveness.
In this paper we revise this statistical decision problem, discuss two utility functions, and assume Bayesian models for the cost and the effectiveness. For illustrating the performance of the utility functions an example with simulated data is presented.
This work has been support in part by grants ECO2013–47092–P and MTM2014–55372–P (MINECO, Spain).
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