Uncertainty & Value of Information

Terms for describing and quantifying uncertainty in economic evaluations and for valuing further research.

  • Topic: Uncertainty & Value of Information
  • 37 terms
  • Editor reviewed

2 terms

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.

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Beta DistributionBeta Probability Distribution, Beta Density

A flexible probability distribution bounded between zero and one, commonly used to represent uncertainty in probability parameters.

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