Utility Possibility Frontier
The utility possibility frontier is a Pareto frontier of utility levels, where fixed resources such as a health budget let no one gain unless others lose.
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.
Vaccination Externalities
Vaccination externalities are the benefits one person's vaccination gives others by cutting disease spread, benefits that person ignores when choosing.
Vaccine Effectiveness
Vaccine effectiveness is how much a vaccine cuts disease risk in routine use, estimated from observational data and used in vaccine economic models.
Vaccine Efficacy
Vaccine efficacy is the percentage fall in disease risk in vaccinated trial participants versus controls, the protection input in vaccine economic models.
Value Judgement
A value judgement is a normative claim about what is good or ought to be done, such as weighting all QALYs equally, which evidence alone cannot settle.
Value of Information
Value of information (VOI) analysis estimates the expected benefit of reducing decision uncertainty, to judge whether more research is worth its cost.
Value of Statistical Life
Value of statistical life (VSL) is what people would pay for small cuts in their risk of death, per expected death avoided, used in cost-benefit analysis.
Value of Statistical Life Year
The value of a statistical life year (VSLY) is the money value per year of a small gain in life expectancy, derived from the VSL for cost-benefit analysis.
Value-Based Pricing
Value-based pricing sets a medicine's price by the health it adds over current care, typically the highest price that meets a cost-effectiveness threshold.
Variance
Variance is the average squared deviation from the mean, measuring spread in patient costs and outcomes and the uncertainty of health economic estimates.
Variance Inflation Factor
The variance inflation factor (VIF) measures how much overlap among predictors enlarges a regression coefficient's variance in cost or outcome models.
Variance Reduction
Variance reduction is the use of simulation sampling or estimator design to lower Monte Carlo error for a specified quantity without changing the quantity being estimated.
Variance-Based Sensitivity
Variance-based sensitivity analysis apportions the variance of a health economic model output to each uncertain input and to their interactions.
Variance-Covariance Matrix
A symmetric array of variances and pairwise covariances that describes the scale and joint movement of a set of random quantities or estimates.
Varimax Rotation
Varimax rotation is an orthogonal factor rotation maximising the variance of squared loadings in each factor, used to find health questionnaire domains.
Vertical Equity
Vertical equity is the principle that those in greater need should get appropriately more care, and those more able to pay should pay more.
VOI Analysis
VOI analysis (value of information analysis) takes a model's PSA through EVPI, EVPPI, EVSI and ENBS in turn to decide if more research is worth its cost.
Wald Test
The Wald test checks whether model parameters, such as cost or risk regression coefficients, differ from hypothesised values given their standard errors.
Weak Dominance
Weak dominance is when another option costs no more and is at least as effective, and is strictly better on one, so the dominated option is dropped.
Weibull Distribution
A flexible probability distribution capable of a monotonically increasing or decreasing hazard rate depending on its shape parameter.