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.
E
- ENBS CalculationENBS Computation, Net Sampling Benefit
- The process of computing the expected net benefit of sampling, the expected value of sample information from a study minus its expected cost.
- EVICInformation Value Measure, VoI Decision Criterion
- A value of information measure expressing the expected value of collecting further evidence before a technology decision, weighed against its cost.
- Expected ValueMean Outcome, Probability-Weighted Average
- Expected value is the probability-weighted mean of a defined outcome across its possible values.
- Expected Value AnalysisExpected-Value Decision Making, Mean-Outcome Analysis
- An approach to decision-making under uncertainty that evaluates options based on the probability-weighted average of their possible outcomes.
- Expected Value of Partial Perfect InformationEVPPI, Partial Perfect-Information Value
- The maximum value of completely resolving uncertainty in a specific subset of a model's parameters, while other parameters remain uncertain.
- Expected Value of Perfect InformationEVPI, Perfect-Information Value
- Expected value of perfect information is the expected increase in net benefit from eliminating all decision-relevant uncertainty before choosing among the available strategies.
- Expected Value of Sample InformationEVSI, Sample-Information Value
- Expected value of sample information is the expected increase in the value of a decision when a specified study’s possible data can update uncertainty before a strategy is chosen.
M
- MeanArithmetic Average, Statistical Average
- A measure of central tendency obtained, in its arithmetic form, by dividing the sum of values by their count; a population mean is the corresponding expected value.
O
- Optimal Sample SizeENBS-Based Sample Size, Efficient Sample Size Choice
- A study sample size selected to meet a stated design objective, such as adequate power or precision, or to maximise the expected value of information after accounting for research costs and decision delays.
P
- Population EVPIAggregate EVPI, Whole-Jurisdiction EVPI
- The expected value of perfect information calculated for an entire affected patient population over time, rather than for a single patient.
R
- Research CostStudy Cost, Trial Development Cost
- The total expected expense of conducting a proposed study, weighed against the expected value of sample information the study would generate.
U
- UnbiasednessUnbiased Estimation, Zero-Bias Property
- A property of an estimator whose expected value, across repeated samples, equals the true underlying value of the parameter being estimated.