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Medical Decision Making - A Health Economic Primer (Paperback, Softcover reprint of the original 2nd ed. 2017)
Loot Price: R2,551
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Medical Decision Making - A Health Economic Primer (Paperback, Softcover reprint of the original 2nd ed. 2017)
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This textbook offers a comprehensive analysis of medical decision
making under uncertainty by combining Test Information Theory with
Expected Utility Theory. The book shows how the parameters of
Bayes' theorem can be combined with a value function of health
states to arrive at informed test and treatment decisions. The
authors distinguish between risk-neutral, risk-averse and prudent
decision makers and demonstrate the effects of risk preferences on
physicians' decisions. They analyze individual tests, multiple
tests and endogenous tests where the test outcome is chosen by the
decision maker. Moreover, the topic is examined in the context of
health economics by introducing a trade-off between enjoying health
and consuming other goods, so that the extent of treatment and thus
the potential improvement in the patient's health becomes
endogenous. Finally, non-expected utility models of choice under
risk and uncertainty (i.e. ambiguity) are presented. While these
models can explain observed test and treatment decisions, they are
not suitable for normative analyses aimed at providing guidance on
medical decision making.
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