Output Maximisation
An objective in production theory of achieving the greatest possible output from a given set of inputs.
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.
Overall Survival
A time-to-event measure defined as the time from treatment start, or trial randomisation, until death from any cause.
Overfitting
A situation in which a model is fit too closely to the noise in its training data, performing poorly on new, independent data.
P-Score
A frequentist network meta-analysis measure ranking treatments by the extent one is expected to outperform every other treatment in the network.
P-Value
A statistic representing the probability of observing a result at least as extreme as the one obtained, assuming the null hypothesis is true.
Paired Comparison
A health state valuation method in which respondents are shown two states at a time and indicate which they prefer, building up a ranking.
Pairwise Comparison
A comparison of exactly two interventions at a time, used as a building block within a fully incremental analysis of several options.
Pairwise Deletion
A missing data method in which each specific calculation uses all observations with complete data for that particular pair of variables.
Pairwise Meta-Analysis
A meta-analysis combining evidence comparing exactly two treatments, unlike a network meta-analysis synthesising evidence across three or more.
Parameter Distribution
The specific probability distribution, such as a beta, gamma, or normal distribution, assigned to represent uncertainty in a given input parameter.
Parameter Estimation
The statistical process of using observed data to determine the most likely values for a model's unknown parameters.
Parameter Uncertainty
Uncertainty arising from imperfect knowledge of the true value of an input parameter, such as a transition probability or unit cost.
Parametric Estimation
A statistical approach estimating a survival function by assuming the data follow a specific distribution, such as Weibull or log-normal, with estimated parameters.
Parametric Survival
Survival estimates derived from a fitted mathematical distribution rather than directly from observed data alone, allowing extrapolation beyond the data.
Parametric Survival Model
A statistical model assuming time-to-event data follow a specific distribution, such as Weibull or log-normal, allowing extrapolation beyond observed data.
Pareto Efficiency
A state of resource allocation in which no individual can be made better off without making at least one other individual worse off.
Pareto Frontier
The set of allocations or outcomes for which no alternative exists that would improve one party's position without worsening another's.
Pareto Improvement
A change in resource allocation that makes at least one individual better off without making any other individual worse off.
Part-Worth Utility
The contribution of a single attribute level to an individual's overall utility for a good, estimated from a conjoint or choice experiment.
Partial Correlation
A measure of the relationship between two variables after statistically controlling for the influence of one or more additional variables.