Certainty Equivalent
A certainty equivalent is the sure amount of money or health that a person values as highly as a risky prospect, such as an uncertain medical bill.
Encyclopaedia
Explore comprehensive, evidence-informed explanations of key health economics concepts, including their development, application and relationships to other concepts. Published entries are validated through human expert review.
Concepts, entries and ontology terms
A concept page is a published entry on the wiki. Some concepts also have a full encyclopaedia article. The Health Economics Ontology (HEO) holds every concept, including dictionary terms without an article, so it is larger than the list of published pages. The knowledge graph shows how concepts relate to each other.
Choice Architecture Intervention
A choice architecture intervention changes how health options are set out, such as defaults, order or placement, to shift choices without removing options.
Choice Experiment Design
Choice experiment design is the plan of attributes, levels and choice tasks in a DCE, which fixes the health preference effects that can be estimated.
Choice Model Estimate
Choice model estimate is a preference weight, or a derived value such as willingness to pay, from a choice model fitted to stated or revealed choices.
Choice Overload
Choice overload is the effect in which a large or complex set of options can lead people to defer a choice or regret it, as in health insurance markets.
Choice Set
The group of alternatives, typically hypothetical options and sometimes a status quo, presented to a respondent in a single choice task.
Choice Theory
Choice theory is the economic theory of how people choose among options given preferences and limited resources, underpinning demand and health valuation.
Choice-Based Conjoint
Choice-based conjoint (CBC) is conjoint analysis in which patients or others choose between sets of described treatments or services rather than rate them.
CHU9D
CHU9D (Child Health Utility 9D) is a generic preference-based measure of children's health-related quality of life, used to calculate paediatric QALYs.
Clinical Decision Analysis
Clinical decision analysis is a method for choosing a patient's test or treatment by combining outcome probabilities and utilities in a decision tree.
Club Goods
Club goods are excludable goods a group can share without rivalry until congestion sets in, so users can be charged and membership limited.
Coase Theorem
The Coase theorem holds that, with clear property rights and no transaction costs, bargaining reaches an efficient outcome whoever holds the rights.
Cognitive Bias Concept
The cognitive bias concept is systematic error in judgement, often from mental shortcuts, that skews how patients, clinicians and experts weigh evidence.
Common Cost Allocation
Common cost allocation is the division of a cost shared by several health services, such as overheads or a joint input, among them by a chosen rule.
Common Pool Resources
Common pool resources are goods where one user's use leaves less for others and excluding users is difficult or costly.
Comparator
A comparator is the alternative, such as current practice or another treatment, against which a new health intervention is compared in economic evaluation.
Compensated Demand Curve
A compensated demand curve is a demand curve showing how much of a good, such as health care, a person would buy at each price with utility held constant.
Compensating Variation
Compensating variation (CV) is the sum that restores original utility after a health or policy change: willingness to pay for a gain or to accept a loss.
Competition Theory
Competition theory explains how rivalry between firms and market structure shape prices and quality, including in hospital and health insurance markets.
Competitive Equilibrium
Competitive equilibrium is an equilibrium in which price-taking traders optimise and prices clear every market, the benchmark for health care markets.