1st Edition
Bayesian Cost-Effectiveness Analysis of Medical Treatments
Cost-effectiveness analysis is becoming an increasingly important tool for decision making in the health systems. Cost-Effectiveness of Medical Treatments formulates the cost-effectiveness analysis as a statistical decision problem, identifies the sources of uncertainty of the problem, and gives an overview of the frequentist and Bayesian statistical approaches for decision making. Basic notions on decision theory such as space of decisions, space of nature, utility function of a decision and optimal decisions, are explained in detail using easy to read mathematics.
Features
- Focuses on cost-effectiveness analysis as a statistical decision problem and applies the well-established optimal statistical decision methodology.
- Discusses utility functions for cost-effectiveness analysis.
- Enlarges the class of models typically used in cost-effectiveness analysis with the incorporation of linear models to account for covariates of the patients. This permits the formulation of the group (or subgroup) theory.
- Provides Bayesian procedures to account for model uncertainty in variable selection for linear models and in clustering for models for heterogeneous data. Model uncertainty in cost-effectiveness analysis has not been considered in the literature.
- Illustrates examples with real data.
- In order to facilitate the practical implementation of real datasets, provides the codes in Mathematica for the proposed methodology.
The motivation for the book is to make the achievements in cost-effectiveness analysis accessible to health providers, who need to make optimal decisions, to the practitioners and to the students of health sciences.
Elías Moreno is Professor of Statistics and Operational Research at the University of Granada, Spain, Corresponding Member of the Royal Academy of Sciences of Spain, and elect member of ISI.
Francisco José Vázquez-Polo is Professor of Mathematics and Bayesian Methods at the University of Las Palmas de Gran Canaria, and Head of the Department of Quantitative Methods.
Miguel Ángel Negrín is Senior Lecturer in the Department of Quantitative Methods at the ULPGC. His main research topics are Bayesian methods applied to Health Economics, economic evaluation and cost-effectiveness analysis, meta-analysis and equity in the provision of healthcare services.
Introduction. Economic evaluation in health economics and cost-effectiveness. The cost-effectiveness analysis as a decision problem. Frequentist and Bayesian cost-effectiveness analysis. Subgroups analysis. Cost-effectiveness analysis for heterogeneous data. Codes. References.
Biography
Elías Moreno is Professor of Statistics and Operational Research at the University of Granada, Spain, Corresponding Member of the Royal Academy of Sciences of Spain, and elect member of ISI. He served as a President of the Spanish Statistical and Operational Research Society, 1992-1996, and Head of the Department of Statistics and Operational Research, 1986-1990, and he is in the editorial board of RACSAM, Test, ESTADISTICA and Global & Local Economic Review. He is co-editor of Bayesian Robustness, Vol. 29, Institute of Mathematical Statistics, Bayesian Statistics 6, Oxford University Press, and Topics on Methodological and Applied Statistical Inference, Springer-Verlag. He published around 120 papers on Statistical Inference in Statistical Journal including Journal of the Royal Statistical Society Series B, Journal of the American Statistical Association, The Annals of Statistics, Statistical Science, European Journal of Operational Research and Statistical Methods in Medical Research. Francisco José Vázquez-Polo is Professor of Mathematics and Bayesian Methods at the University of Las Palmas de Gran Canaria, and Head of the Department of Quantitative Method. He published twelve chapters of books and around 70 papers in Economics Journals including Journal of Business Economics & Statistics, European Journal of Health Economics, Health Economics, Journal of Health Economics, and in Statistical Journals including Journal of the Royal Statistical Society (Series B, C & D), European Journal of Operational Research, Computational Statistics and Data Analysis, Statistics in Medicine and Statistical Methods in Medical Research. Miguel Ángel Negrín is Senior Lecturer in the Department of Quantitative Methods at the ULPGC. His main research topics are Bayesian methods applied to Health Economics, economic evaluation and cost-effectiveness analysis, meta-analysis and equity in the provision of healthcare services. Part of his research has been published in Journals of reference in Health Economics and Statistics, such as Health Economics, Journal of Health Economics, European Journal of Health Economics, Value in Health, Statistics in Medicine, Medical Decision Making, European Journal of Operational Research and Statistical Methods in Medical Research. He serves in the editorial board of Gaceta Sanitaria (IF 2017: 1,58).
"I strongly recommended this book for readers who are interested in the topic of cost-effectiveness analysis of medical treatments through the advantages of Bayesian framework over frequentist approaches... This book would be a great place for readers to start learning or expanding what they have known about the topic of economic evaluation for medical treatments."
Min-Hua Jen, Eli Lilli USA, Royal Statistical Society, Series A Statistics in Society, July 2021
