A Bayesian approach to sensitivity analysis

James C. Felli and Gordon B. Hazen

Health Economics, 1999, vol. 8, issue 3, 263-268

Abstract: Sensitivity analysis has traditionally been applied to decision models to quantify the stability of a preferred alternative to parametric variation. In the health literature, sensitivity measures have traditionally been based upon distance metrics, payoff variations, and probability measures. We advocate a new approach based on information value and argue that such an approach is better suited to address the decision‐maker's real concerns. We provide an example comparing conventional sensitivity analysis to one based on information value.This article is a US government work and is in the public domain in the United States

Date: 1999
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https://doi.org/10.1002/(SICI)1099-1050(199905)8:33.0.CO;2-S

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Persistent link: https://EconPapers.repec.org/RePEc:wly:hlthec:v:8:y:1999:i:3:p:263-268

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