Abstract
Modelling in cost effectiveness provides a common framework by which to systematically assess costs and outcomes, to represent uncertainty and to compare alternative courses of action. Having introduced decision trees for cost effectiveness modelling, we now move on to Markov models. This chapter provides an introduction to Markov models for cost effectiveness analysis, guiding you through when Markov modelling should be used; the concept of health states (which for the backbone or structure of a Markov model) and transition probabilities, Markov trace and cycles, time horizon and discounting.
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Edlin, R., McCabe, C., Hulme, C., Hall, P., Wright, J. (2015). Introduction to Markov Cost Effectiveness Models. In: Cost Effectiveness Modelling for Health Technology Assessment. Adis, Cham. https://doi.org/10.1007/978-3-319-15744-3_5
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DOI: https://doi.org/10.1007/978-3-319-15744-3_5
Publisher Name: Adis, Cham
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