✦ LIBER ✦

A Bayesian approach to sensitivity analysis

✍ Scribed by James C. Felli; Gordon B. Hazen

Publisher: John Wiley and Sons
Year: 1999
Tongue: English
Weight: 95 KB
Volume: 8
Category: Article
ISSN: 1057-9230
DOI: 10.1002/(sici)1099-1050(199905)8:3<263::aid-hec426>3.0.co;2-s

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✦ Synopsis

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.

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