Related Experiment Video
Updated: Jul 27, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Sensitivity analysis, Monte Carlo risk analysis, and Bayesian uncertainty assessment
1Department of Epidemiology, UCLA School of Public Health, UCLA College of Letters and Science, Los Angeles, CA 90095-1772, USA.
Abstract:
Standard statistical methods understate the uncertainty one should attach to effect estimates obtained from observational data. Among the methods used to address this problem are sensitivity analysis, Monte Carlo risk analysis (MCRA), and Bayesian uncertainty assessment. Estimates from MCRAs have been presented as if they were valid frequentist or Bayesian results, but examples show that they need not be either in actual applications. It is concluded that both sensitivity analyses and MCRA should begin with the same type of prior specification effort as Bayesian analysis.
Related Concept Videos
Uncertainty: Overview
Propagation of Uncertainty from Random Error
Propagation of Uncertainty from Systematic Error
Uncertainty: Confidence Intervals
Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast, controlled...
Hazard Rate

