Publication:
A Bayesian Approach to Sensitivity Analysis

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Authors
Felli, James C.
Hazen, Gordon B.
Subjects
Bayesian decision theory
the value of information
economics of information
statistical methods
Advisors
Date of Issue
1999
Date
Publisher
Health Economics Letter
Language
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.
Type
Article
Description
Series/Report No
Department
Organization
Defense Resources Management Institute (DRMI)
Identifiers
NPS Report Number
Sponsors
Funder
This work was supported by funding from the Decision, Risk and Management Science Program at the National Science Foundation.
Format
Citation
Health Economics, Volume 8, pp. 263-268, 1999.
Distribution Statement
Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.
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