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Bayesian cost-effectiveness analysis from clinical trial data
A O'Hagan1, J W Stevens, J Montmartin
1Department of Probability and Statistics, University of Sheffield, Sheffield S3 7RH, UK. a.ohagan@sheffield.ac.uk
Abstract:
A key tool for assessing the relative cost-effectiveness of two treatments in health economics is the incremental C/E acceptability curve. We present Bayesian computations for this curve in the case where data on both costs and efficacy are available from a clinical trial. Analysis is given under various formulations of prior information. A case study is analysed in which reasonable prior information is shown to strengthen substantially the posterior inference, leading to a more conclusive assessment of cost-effectiveness. Calculations can be performed using readily available Bayesian software.