A real options approach to watchful waiting: theory and an illustration.

@article{Driffield2007ARO,
  title={A real options approach to watchful waiting: theory and an illustration.},
  author={Tarn Driffield and Peter A. C. Smith},
  journal={Medical decision making : an international journal of the Society for Medical Decision Making},
  year={2007},
  volume={27 2},
  pages={178-88}
}
Watchful waiting is a form of clinical management under which immediate curative treatment is not given. Instead, the patient undergoes a period of observation during which periodic tests monitor the progression of the illness. Hitherto, little attention has been given to how such patient management should be modeled from an economic perspective. Watchful waiting preserves an "option" to start treatment some time in the future, and evaluating a watchful waiting regime therefore has close… CONTINUE READING

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