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.
Economic Modelling
Terms for building and checking decision models, including decision trees, Markov models and simulation methods.
- Topic: Economic Modelling
- 40 terms
- Editor reviewed
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.