H

The medical specialty concerned with the physiology of blood. Also 'hematology'. The effect on recorded observations of the observer's perceptions of aspects that are not part of the study. Not the same as placebo effect. Disadvantages experienced by the individual arising from impairment or disability. The extent of handicap may be conditional on environment (for example, the nature of work) and may include general deleterious effects on The Harvard Center for Risk Analysis CUA Database CEA...

Time Tradeoff Method

A preference-based method for assigning utilities to health states, in which the subject is asked how much time they are willing to sacrifice from a given lifespan in one health state to have a given number of years in perfect health. Thus, if H(.) denotes the index of health status, and two styles of living are ranked H(A) > H(B), one seeks experimentally to find how much shorter the time spent with H(A) should be to be of the same utility as a longer period in state H(B). Let t be the time...

Certainty Equivalent

The certain and sure money or utility ('sure thing') that a subject would have to receive to be indifferent between it and a given gamble ('uncertain prospect') is called the gamble's 'certainty equivalent'. The certainty equivalent is less than the expected value of the gamble if an individual has a diminishing marginal utility of money income and obeys the axioms of expected utility theory. This indicates a kind of risk aversion. In health economics, the usual experiment contains a certain...

Bayesian Method

The Bayesian method is a way of revising beliefs about probabilities or the value of a parameter as new information is obtained. The old information might, for example, be based on a systematic review or a consensus panel of experts or a straightforwardly subjective judgment. It is termed the prior probability or the prior distribution within which the true value of a parameter is believed to lie . The new information might be obtained from a recently completed clinical trial. The revised...