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.
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.
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.
Mortality Rate
A measure of death frequency within a defined population over a specified period, typically expressed per thousand or per hundred thousand people.
MRSA Rate
A measure of the frequency of methicillin-resistant Staphylococcus aureus infections within a facility, an infection prevention and resistance indicator.
Multi-Attribute Utility
A utility value derived by combining preference weights across several distinct attributes of an outcome into a single overall measure.
Multi-Criteria Analysis HTA
The application of multi-criteria decision analysis within assessment, explicitly incorporating and weighing multiple decision factors beyond cost-effectiveness alone.
Multi-Criteria Decision Analysis
A structured framework evaluating options across multiple criteria simultaneously, assigning explicit weights and combining them into an overall score.
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.
Multi-State Life Table
A life table method modelling a population's transitions among several health states, including recovery as well as decline, over successive age intervals.
Multicollinearity
A condition in which two or more regression predictors are highly correlated with one another, making individual effect estimates unreliable.
Multilevel Model
A model representing nested data, such as patients within hospitals within regions, allowing relationships to vary at each level while sharing strength.