CEriskav_assign: Cost-effectiveness Analysis Including a Parameter of Risk...
In BCEA: Bayesian Cost Effectiveness Analysis

CEriskav_assign

R Documentation

Cost-effectiveness Analysis Including a Parameter of Risk Aversion

Description

Extends the standard cost-effectiveness analysis to modify the utility function so that risk aversion of the decision maker is explicitly accounted for.

Default vector of risk aversion parameters: 1e-11, 2.5e-6, 5e-6

Usage

CEriskav(he) <- value

## S3 replacement method for class 'bcea'
CEriskav(he) <- value

## Default S3 replacement method:
CEriskav(he) <- value

Arguments

`he`	A `bcea` object containing the results of the Bayesian modelling and the economic evaluation.
`value`	A vector of values for the risk aversion parameter. If `NULL`, default values are assigned by R. The first (smallest) value (`r` -> 0) produces the standard analysis with no risk aversion.

Value

An object of the class CEriskav containing the following elements:

Ur: An array containing the simulated values for all the "known-distribution" utilities for all interventions, all the values of the willingness to pay parameter, and for all the possible values of r.
Urstar: An array containing the simulated values for the maximum "known-distribution" expected utility for all the values of the willingness to pay parameter and for all the possible values of r.
IBr: An array containing the simulated values for the distribution of the Incremental Benefit for all the values of the willingness to pay parameter and for all the possible values of r.
eibr: An array containing the Expected Incremental Benefit for each value of the willingness to pay parameter and for all the possible values of r.
vir: An array containing all the simulations for the Value of Information for each value of the willingness to pay parameter and for all the possible values of r.
evir: An array containing the Expected Value of Information for each value of the willingness to pay parameter and for all the possible values of r.
R: The number of possible values for the parameter of risk aversion r.
r: A vector containing all the possible values for the parameter of risk aversion r.

Author(s)

Gianluca Baio

References

\insertRef

Baio2011BCEA

\insertRef

Baio2013BCEA

Examples


# See Baio G., Dawid A.P. (2011) for a detailed description of the 
# Bayesian model and economic problem

# Load the processed results of the MCMC simulation model
data(Vaccine)

# Runs the health economic evaluation using BCEA
m <- bcea(e=eff,c=cost,     # defines the variables of 
                            #  effectiveness and cost
      ref=2,                # selects the 2nd row of (e, c) 
                            #  as containing the reference intervention
      interventions=treats, # defines the labels to be associated 
                            #  with each intervention
      Kmax=50000            # maximum value possible for the willingness 
                            #  to pay threshold; implies that k is chosen 
                            #  in a grid from the interval (0, Kmax)
)

# Define the vector of values for the risk aversion parameter, r, eg:
r <- c(1e-10, 0.005, 0.020, 0.035) 

# Run the cost-effectiveness analysis accounting for risk aversion

# uses the results of the economic evaluation 
# if more than 2 interventions, selects the 
#  pairwise comparison

CEriskav(m) <- r

BCEA documentation built on April 4, 2025, 4:19 a.m.