Bayesian cost‐effectiveness analysis from clinical trial data

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Abstract
A key tool for assessing the relative cost‐effectiveness of two treatments in health economics is the incremental C/E acceptability curve. We present Bayesian computations for this curve in the case where data on both costs and efficacy are available from a clinical trial. Analysis is given under various formulations of prior information. A case study is analysed in which reasonable prior information is shown to strengthen substantially the posterior inference, leading to a more conclusive assessment of cost‐effectiveness. Calculations can be performed using readily available Bayesian software. Copyright © 2001 John Wiley & Sons, Ltd.

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