CEriskav {BCEA}R Documentation

Cost-effectiveness analysis including a parameter of risk aversion

Description

Extends the standard cost-effectiveness analysis to modify the utility function so that risk aversion of the decision maker is explicitly accounted for

Usage

CEriskav(he, r = NULL, comparison = 1)

## Default S3 method:
CEriskav(he, r = NULL, comparison = 1)

Arguments

he

A bcea object containing the results of the Bayesian modelling and the economic evaluation.

r

A vector of values for the risk aversion parameter. If NULL, default values are assigned by R. The first (smallest) value (r -> 0) produces the standard analysis with no risk aversion.

comparison

In case of more than 2 interventions being analysed, selects which plot should be made. By default the first possible choice is selected as the comparator.

Value

An object of the class CEriskav containing the following elements:

Ur

An array containing the simulated values for all the ”known-distribution” utilities for all interventions, all the values of the willingness to pay parameter and for all the possible values of r

Urstar

An array containing the simulated values for the maximum ”known-distribution” expected utility for all the values of the willingness to pay parameter and for all the possible values of r

IBr

An array containing the simulated values for the distribution of the Incremental Benefit for all the values of the willingness to pay and for all the possible values of r

eibr

An array containing the Expected Incremental Benefit for each value of the willingness to pay parameter and for all the possible values of r

vir

An array containing all the simulations for the Value of Information for each value of the willingness to pay parameter and for all the possible values of r

evir

An array containing the Expected Value of Information for each value of the willingness to pay parameter and for all the possible values of r

R

The number of possible values for the parameter of risk aversion r

r

The vector containing all the possible values for the parameter of risk aversion r

Author(s)

Gianluca Baio

References

Baio, G., Dawid, A. P. (2011). Probabilistic Sensitivity Analysis in Health Economics. Statistical Methods in Medical Research doi:10.1177/0962280211419832.

Baio G. (2012). Bayesian Methods in Health Economics. CRC/Chapman Hall, London

See Also

bcea

Examples

# See Baio G., Dawid A.P. (2011) for a detailed description of the 
# Bayesian model and economic problem
#
# Load the processed results of the MCMC simulation model
data(Vaccine)
# 
# Runs the health economic evaluation using BCEA
m <- bcea(e=e,c=c,          # defines the variables of 
                            #  effectiveness and cost
      ref=2,                # selects the 2nd row of (e,c) 
                            #  as containing the reference intervention
      interventions=treats, # defines the labels to be associated 
                            #  with each intervention
      Kmax=50000            # maximum value possible for the willingness 
                            #  to pay threshold; implies that k is chosen 
                            #  in a grid from the interval (0,Kmax)
)
#
# Define the vector of values for the risk aversion parameter, r, eg:
r <- c(0.0000000001,0.005,0.020,0.035) 
#
# Run the cost-effectiveness analysis accounting for risk aversion

cr <- CEriskav(m,     # uses the results of the economic evalaution 
                      #  (a "bcea" object) 
        r=r,          # defines the vector of values for the risk 
                      #  aversion parameter 
        comparison=1  # if more than 2 interventions, selects the 
                      #  pairwise comparison 
) 


[Package BCEA version 2.3-1.1 Index]