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On the Foundation of Guidelines for Health Economic Evaluation

Author

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  • Hans Keiding

    (Institute of Economics, University of Copenhagen)

Abstract

In recent years, there has been increased interest in setting up guidelines for carrying out cost-effectiveness analysis of medical interventions, and some such guidelines have indeed been established. In the paper, we present a model of information retrievement and use in which we can study the role of guidelines. The main result, which is a version of the well-known theorem of Blackwell (1948), shows that in cases where there are sufficiently many decisions to be made on the basis of the information obtained, there can be no objective ranking of methods, except the trivial one stating that more information is better than less. The consequence is that guidelines, and the very detailed version known as the reference case approach, may have administrative advantages but can be harmful when considered as an aid towards better decisions.

Suggested Citation

  • Hans Keiding, 2005. "On the Foundation of Guidelines for Health Economic Evaluation," Discussion Papers 05-07, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:0507
    as

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    File URL: http://www.econ.ku.dk/english/research/publications/wp/2005/0507.pdf/
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    References listed on IDEAS

    as
    1. Holm, Hakan J., 1997. "Genetic information and investment in human capital," Journal of Health Economics, Elsevier, vol. 16(4), pages 435-452, August.
    2. Bielinska-Kwapisz, Agnieszka, 2003. "Sufficiency in Blackwell's theorem," Mathematical Social Sciences, Elsevier, vol. 46(1), pages 21-25, August.
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    More about this item

    Keywords

    cost-effectiveness; guidelines; Blackwell’s theorem;
    All these keywords.

    JEL classification:

    • I19 - Health, Education, and Welfare - - Health - - - Other
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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