Human Capital Approach
The human capital approach values production lost to illness, disability or early death as the paid and unpaid output the person would have produced.
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.
Hyperbolic Discounting
Hyperbolic discounting is time preference in which the discount rate falls as delay grows, so plans made for later are often reversed when the time comes.
Hypothesis Testing
Hypothesis testing is a statistical method that uses study data to decide whether to reject a stated null hypothesis, such as no difference in mean cost.
Importance Sampling
Importance sampling is a Monte Carlo method that samples rare or influential model inputs more often, then reweights draws so estimates match the model.
Imputation
Imputation replaces missing values in a dataset, such as unrecorded trial costs or EQ-5D scores, with estimated values so every record can be analysed.
Incentive Compatible Mechanism
An incentive compatible mechanism is a mechanism design rule under which each player, such as a hospital or survey respondent, does best by being truthful.
Income Elasticity of Demand
Income elasticity of demand is the percentage change in demand for a good, such as health care, divided by the percentage change in income.
Incremental Cost
Incremental cost is the difference in expected total cost between a healthcare option and its comparator, the numerator of the ICER in economic evaluation.
Incremental Cost-Effectiveness Ratio (ICER)
The incremental cost-effectiveness ratio (ICER) is a treatment's extra cost divided by its extra health gain versus a comparator, such as cost per QALY.
Incremental Effectiveness
Incremental effectiveness is the difference in health outcomes between an intervention and its comparator, calculated in a consistent outcome unit and comparison direction.
Incremental Net Benefit
The difference in expected net benefit between two competing interventions, found by converting the incremental health effect into money and subtracting incremental cost.
Incremental Net Monetary Benefit
Incremental net monetary benefit (INMB) is the extra health of an option over its comparator, valued at a threshold, minus the extra cost, per patient.
Indifference Curve
An indifference curve is a curve joining combinations of two goods or health outcomes that a person values equally, showing the trade-offs they accept.
Individual Patient Simulation
Individual patient simulation is a modelling approach that generates separate patient histories under specified rules and aggregates their costs and health outcomes for a target population.
Inelastic Demand
Inelastic demand is demand with a price elasticity between zero and minus one, so use falls proportionally less than price rises, as for most medical care.
Information Asymmetry
Information asymmetry occurs when a patient, insurer, doctor or other health care party knows more than another, which can distort prices and use of care.
Intangible Cost
Intangible cost is the pain, distress and lost quality of life caused by illness or treatment, which has no market price and is often measured in QALYs.
Integer Programming
Integer programming chooses which indivisible health programmes or medicines to fund to maximise health gain, such as QALYs, within a fixed budget.
Interaction Effect
An interaction effect is the part of two factors' joint effect on a health outcome or model result that adding their separate effects does not explain.
Interest Rate
An interest rate is the price of borrowing money, a yearly percentage of the loan, and a benchmark weighed in setting health appraisal discount rates.