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

3 terms

Decision UncertaintyDecision Risk, Probability of Wrong Decision

The probability that the currently preferred option in an evaluation is not actually the truly optimal choice, given uncertainty in the model's parameters.

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Deterministic Sensitivity AnalysisDSA

Deterministic sensitivity analysis evaluates how a model's results and decisions change when selected inputs or assumptions are assigned specific alternative values while all other stated conditions are controlled.

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Dirichlet DistributionDirichlet Prior, Multivariate Proportion Distribution

A multivariate distribution representing uncertainty in a set of proportions that must sum to one, such as transition probabilities from a state.

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