Mixed Effects Model
A modelling approach including both fixed effects for average relationships and random effects for individual variation, suited to nested or repeated data.
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.
Mixed Model Repeated Measures
A longitudinal trial analysis method using a mixed effects framework under the missing at random assumption, an alternative to last observation carried forward.
Mixture Cure Model
A cure model treating the population as a mixture of a cured fraction facing only background mortality and an uncured fraction remaining at risk.
Mixture Model
A statistical model representing a population as a combination of two or more distinct subgroups, each following its own underlying distribution.
Mode
A central tendency measure representing the most frequently occurring value within a dataset.
Model Averaging
A statistical technique combining predictions from several plausible candidate models, weighted by their relative statistical support, rather than relying on one selected model.
Model Diagnostics
A set of statistical and technical checks assessing a model's performance, such as poor calibration or unstable results under minor input changes.
Model Fit
The degree to which a statistical or structural model's predictions correspond to observed data, used to judge whether a specification is adequate.
Model Selection
The process of choosing among alternative model structures or specifications for an evaluation, guided by fit, clinical plausibility, and parsimony.
Model Validation
The overall process of establishing confidence that a model's structure and results adequately represent the real-world system it is meant to capture.
Moderation Analysis
A statistical approach examining whether an exposure-outcome relationship's strength or direction differs depending on the level of a third, moderating variable.
Modern Cost Analysis
A cost analysis incorporating current data sources, such as electronic health records and administrative claims, into estimating resource use.
Monopoly Pricing
The pricing behaviour of a firm with monopoly power, setting price above marginal cost to maximise profit and reduce quantity supplied.
Monte Carlo Error
The statistical imprecision in a simulation estimate from using a finite number of iterations, distinct from the underlying parameter uncertainty being characterised.
Monte Carlo Integration
A numerical technique estimating a complex integral's value by sampling random points repeatedly and averaging them, useful when no closed-form solution exists.
Monte Carlo Simulation
A technique estimating a model's output under uncertainty by repeatedly sampling random values for its inputs from specified distributions across many iterations.
Moral Hazard
Moral hazard occurs when protection from the consequences of an action changes a person’s behaviour because some resulting costs or risks are borne by another party.
Morris Method
A global sensitivity analysis technique efficiently screening many input parameters for negligible, linear, or interactive effects, using relatively few model runs.
Multi-Objective Optimisation
An optimisation approach used when a decision involves competing objectives, such as maximising benefit while minimising cost, producing a set of trade-off solutions.
Multicollinearity
A condition in which two or more regression predictors are highly correlated with one another, making individual effect estimates unreliable.