An Introduction to Markov Modelling for Economic Evaluation

@article{Briggs1998AnIT,
  title={An Introduction to Markov Modelling for Economic Evaluation},
  author={Mr Andrew Briggs and Mark John Sculpher},
  journal={PharmacoEconomics},
  year={1998},
  volume={13},
  pages={397-409}
}
Markov models are often employed to represent stochastic processes, that is, random processes that evolve over time. In a healthcare context, Markov models are particularly suited to modelling chronic disease. In this article, we describe the use of Markov models for economic evaluation of healthcare interventions. The intuitive way in which Markov models can handle both costs and outcomes make them a powerful tool for economic evaluation modelling. The time component of Markov models can offer… CONTINUE READING
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