Dictionary
The Dictionary provides concise definitions of health economics terms, arranged alphabetically for quick reference. Use it to understand unfamiliar terminology or confirm the meaning of a specific term.
C
- Chance NodeProbability Node, Random Node
- A point in a decision tree where the pathway followed is determined by probability rather than choice, branches summing to one.
D
- Decision NodeChoice Node, Decision Point
- A point in a decision tree at which a choice must be made between two or more strategies, unlike a chance node.
F
- Folding BackBackward Induction, Rolling Back
- Folding back is the backward evaluation of a decision tree that takes probability-weighted values at chance nodes and selects the preferred feasible action at decision nodes under a stated objective.