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Portfolio evaluation of health programs: a reply to Sendi et al

Author

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  • Bridges, John F. P.
  • Terris, Darcey D.

Abstract

Sendi et al. (Soc. Sci. Med. 57 (2003) 2207) extend previous research on cost-effectiveness analysis to the evaluation of a portfolio of interventions with risky outcomes using a "second best" approach that can identify improvements in efficiency in the allocation of resources. This method, however, cannot be used to directly identify the optimal solution to the resource allocation problem. Theoretically, a stricter adherence to the foundations of portfolio theory would permit direct optimization in portfolio selection, however, when we include uncertainty in our analysis in addition to the traditional concept of risk (which is often mislabelled uncertainty) complexities are introduced that create significant hurdles in the development of practical applications of portfolio theory for health care policy decision making.

Suggested Citation

  • Bridges, John F. P. & Terris, Darcey D., 2004. "Portfolio evaluation of health programs: a reply to Sendi et al," Social Science & Medicine, Elsevier, vol. 58(10), pages 1849-1851, May.
    • Handle: RePEc:eee:socmed:v:58:y:2004:i:10:p:1849-1851
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    Cited by:

    1. Aktas, Emel & Ulengin, Fusun & Onsel Sahin, Sule, 2007. "A decision support system to improve the efficiency of resource allocation in healthcare management," Socio-Economic Planning Sciences, Elsevier, vol. 41(2), pages 130-146, June.
    2. Pérez Odeh, Rodrigo & Watts, David & Flores, Yarela, 2018. "Planning in a changing environment: Applications of portfolio optimisation to deal with risk in the electricity sector," Renewable and Sustainable Energy Reviews, Elsevier, vol. 82(P3), pages 3808-3823.

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