Markov AssumptionMarkov Property, Memoryless Assumption
The condition that, given the current modeled state and specified time or covariates, the probability of the next state does not additionally depend on the earlier state history.
Economic Modelling
Terms for building and checking decision models, including decision trees, Markov models and simulation methods.
- Topic: Economic Modelling
- 40 terms
- Editor reviewed
Markov Cohort ModelCohort Markov Model, Aggregate Markov Model
A Markov model tracking a hypothetical cohort collectively as proportions across health states over cycles, rather than simulating each patient separately.
Markov ModelMarkov State Model, Multi-State Markov Framework
A Markov model is a state-transition model in which a cohort or individuals move among mutually exclusive health states over repeated cycles, with future transitions determined by the current state under the model’s memory assumptions.
MicrosimulationMicro-Simulation, Agent-Level Simulation
Microsimulation models individuals one at a time, allowing their characteristics and event histories to influence future outcomes.
Model AssumptionModelling Assumption, Structural Premise
A simplifying premise built into a model's structure or parameter values, adopted because the true underlying reality is unknown or too complex.
Model ConceptualizationConceptual Modelling, Problem Conceptualisation
The initial stage of model development in which the disease process and decision problem are structured into a framework before technical build.
Model StructureModel Architecture, Structural Form
The overall organisation of a health economic model, including its technique, the health states or events represented, and how they link together.
Model TransparencyTransparent Reporting, Model Openness
The degree to which a model's structure, assumptions, and calculations are made accessible and understandable to external reviewers.