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Portfolio Decision Analysis for Population Health

In: Portfolio Decision Analysis

Author

Listed:
  • Mara Airoldi

    (London School of Economics and Political Science)

  • Alec Morton

    (Management Science Group)

Abstract

In this chapter, we discuss the application of Multi-Criteria Portfolio Decision Analysis in healthcare. We consider the problem of allocating a limited budget to healthcare for a defined population, where the healthcare planner needs to take into account both the state of ill-health of the population, and the costs and benefits of providing different healthcare interventions. To date, two techniques have been applied widely to combine these two perspectives: Generalized Cost Effectiveness Analysis and Program Budgeting and Marginal Analysis. We describe these two approaches and present a case study to illustrate how a simple, formal Multi-Criteria Portfolio Decision Analysis model can help structure this sort of resource allocation problem. The case study highlights challenges for the research community around the use of disease models, capturing preferences relating to health inequalities, unrelated future costs, the appropriate balance between acute and preventive interventions, and the quality of death.

Suggested Citation

  • Mara Airoldi & Alec Morton, 2011. "Portfolio Decision Analysis for Population Health," International Series in Operations Research & Management Science, in: Ahti Salo & Jeffrey Keisler & Alec Morton (ed.), Portfolio Decision Analysis, chapter 0, pages 359-381, Springer.
    • Handle: RePEc:spr:isochp:978-1-4419-9943-6_15
    DOI: 10.1007/978-1-4419-9943-6_15
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    Citations

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    Cited by:

    1. Mónica D. Oliveira & Inês Mataloto & Panos Kanavos, 2019. "Multi-criteria decision analysis for health technology assessment: addressing methodological challenges to improve the state of the art," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 20(6), pages 891-918, August.
    2. Rudolf vetschera & Jonatas Araùjo de Almeida, 2021. "Bounds in Tree-Based Approaches to Generate Project Portfolios in the Presence of Interactions," International Journal of Decision Support System Technology (IJDSST), IGI Global, vol. 13(4), pages 1-21, October.
    3. Mavrotas, George & Makryvelios, Evangelos, 2021. "Combining multiple criteria analysis, mathematical programming and Monte Carlo simulation to tackle uncertainty in Research and Development project portfolio selection: A case study from Greece," European Journal of Operational Research, Elsevier, vol. 291(2), pages 794-806.
    4. Hipgrave, David B. & Alderman, Katarzyna Bolsewicz & Anderson, Ian & Soto, Eliana Jimenez, 2014. "Health sector priority setting at meso-level in lower and middle income countries: Lessons learned, available options and suggested steps," Social Science & Medicine, Elsevier, vol. 102(C), pages 190-200.
    5. Liesiö, Juuso & Salo, Ahti & Keisler, Jeffrey M. & Morton, Alec, 2021. "Portfolio decision analysis: Recent developments and future prospects," European Journal of Operational Research, Elsevier, vol. 293(3), pages 811-825.
    6. Liesiö, Juuso & Salo, Ahti, 2012. "Scenario-based portfolio selection of investment projects with incomplete probability and utility information," European Journal of Operational Research, Elsevier, vol. 217(1), pages 162-172.
    7. Morton, Alec, 2014. "Aversion to health inequalities in healthcare prioritisation: A multicriteria optimisation perspective," Journal of Health Economics, Elsevier, vol. 36(C), pages 164-173.

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