Large-Sample Bayesian Posterior Distributions for Probabilistic Sensitivity Analysis

Gordon B. Hazen and Min Huang
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Gordon B. Hazen: IEMS Department, Northwestern University, Evanston, IL, IEMS Dept, McCormick School, Evanston, IL, gbh305@lulu.it.northwestern.edu
Min Huang: IEMS Department, Northwestern University, Evanston, IL

Medical Decision Making, 2006, vol. 26, issue 5, 512-534

Abstract: In probabilistic sensitivity analyses, analysts assign probability distributions to uncertain model parameters and use Monte Carlo simulation to estimate the sensitivity of model results to parameter uncertainty. The authors present Bayesian methods for constructing large-sample approximate posterior distributions for probabilities, rates, and relative effect parameters, for both controlled and uncontrolled studies, and discuss how to use these posterior distributions in a probabilistic sensitivity analysis. These results draw on and extend procedures from the literature on large-sample Bayesian posterior distributions and Bayesian random effects meta-analysis. They improve on standard approaches to probabilistic sensitivity analysis by allowing a proper accounting for heterogeneity across studies as well as dependence between control and treatment parameters, while still being simple enough to be carried out on a spreadsheet. The authors apply these methods to conduct a probabilistic sensitivity analysis for a recently published analysis of zidovudine prophylaxis following rapid HIV testing in labor to prevent vertical HIV transmission in pregnant women.

Keywords: decision analysis; cost-effectiveness analysis; probabilistic sensitivity analysis; Bayesian methods; random effects meta-analysis; expected value of perfect information; HIV transmission; zidovudine prophylaxis (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:medema:v:26:y:2006:i:5:p:512-534

DOI: 10.1177/0272989X06290487

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