Absorbing StateAbsorbing Health State, Absorbing Markov State
A health state within a Markov model from which no further transitions are possible, most commonly death, once entered permanently.
Economic Modelling
Terms for building and checking decision models, including decision trees, Markov models and simulation methods.
- Topic: Economic Modelling
- 40 terms
- Editor reviewed
Agent-Based ModelABM, Agent-Based Simulation
An agent-based model simulates heterogeneous individual entities and their interactions under explicit rules to examine how population-level outcomes emerge over time.
Background MortalityBackground Hazard, General-Population Hazard, Baseline Population Hazard
The rate of death from causes unrelated to the disease being studied, applied within a model alongside any additional disease-specific mortality risk.
Base CaseBase-Case Scenario, Central Estimate
The set of central, best-estimate inputs used to produce a model's primary reported results, against which sensitivity analysis is later tested.
CalibrationModel Tuning, Parameter Fitting
Calibration is the process of estimating or adjusting model parameters so that selected model outputs agree with relevant observed targets under an explicit measure of fit.
Chance NodeProbability Node, Random Node
A point in a decision tree where the pathway followed is determined by probability rather than choice, branches summing to one.
Cohort TraceMarkov Trace, State-Occupancy Trace
A cohort trace is the cycle-by-cycle record of a state-transition model’s expected cohort distribution across its health states under a specified strategy.
Cycle LengthCycle Duration, Time-Step Length
Cycle length is the fixed duration represented by one update of a discrete-time state-transition model, determining when transitions, costs, health outcomes, and discounting are applied within the modelled time horizon.