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Bayesian statistic methods and theri application in probabilistic simulation models

Farmeconomia

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Title Bayesian statistic methods and theri application in probabilistic simulation models
 
Creator Iannazzo, Sergio
 
Subject Pharmacoeconomics; Health economics
Bayesian statistic methods; Probabilistic simulation; Markov model; WinBUGS
 
Description Bayesian statistic methods are facing a rapidly growing level of interest and acceptance in the field of health economics. The reasons of this success are probably to be found on the theoretical fundaments of the discipline that make these techniques more appealing to decision analysis. To this point should be added the modern IT progress that has developed different flexible and powerful statistical software framework. Among them probably one of the most noticeably is the BUGS language project and its standalone application for MS Windows WinBUGS. Scope of this paper is to introduce the subject and to show some interesting applications of WinBUGS in developing complex economical models based on Markov chains. The advantages of this approach reside on the elegance of the code produced and in its capability to easily develop probabilistic simulations. Moreover an example of the integration of bayesian inference models in a Markov model is shown. This last feature let the analyst conduce statistical analyses on the available sources of evidence and exploit them directly as inputs in the economic model.
 
Publisher SEEd Medical Publishers
 
Contributor —
 
Date 2007-03-15
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier https://journals.edizioniseed.it/index.php/FE/article/view/251
10.7175/fe.v8i1.251
 
Source Farmeconomia. Health economics and therapeutic pathways; Vol 8, No 1 (2007); 5-13
2240-256X
1721-6915
 
Language eng
 
Relation https://journals.edizioniseed.it/index.php/FE/article/view/251/233
 
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Rights Copyright (c) 2007 Farmeconomia. Health economics and therapeutic pathways
http://creativecommons.org/licenses/by-nc/4.0