- decision theory
- decision psychology
- probability/bayes
- preferences/values
- priority setting/ethics
- models and tools
- mathematical models
- state-transition
- dynamic transmission
- microsimulation
- calibration/validation
- dynamic simulation
- approaches and applications
- decision analysis
- risk analysis
- benefit-cost analysis
- cost-effectiveness analysis
- technology assessment
- operations research
Resources Repository
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ArticlePublication 2008Adjusting VSL for Age
This article addresses the theoretical ambiguity in the effect of age on the value of …
This article addresses the theoretical ambiguity in the effect of age on the value of statistical life (VSL) using a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits an inverted-U-shaped relationship with age. In the year 2000 cross section, workers' VSL rises from $3.7 million (ages 18–24) to $9.7 million (ages 35–44) and declines to $3.4 million (ages 55–62). Controlling for birth-year cohort effects yields a peak VSL of $7.8…
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
ArticlePublication 2007Mortality-Risk Valuation and Age
This article addresses whether a single value of statistical life (VSL) should be applied to …
This article addresses whether a single value of statistical life (VSL) should be applied to all age groups or whether lower values should be used for the elderly, recognizing that their life expectancies are shorter than those of younger people. Surveys of different age groups' willingness to pay (WTP) for mortality-risk reductions can potentially help resolve this issue. The 36 studies reviewed suggest that the literature is split on whether older people have a lower WTP…
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
ArticlePublication 2000Valuing Mortality Risk: Theory and Practice
This article discusses the theoretical foundation and empirical methods for estimating the value of a …
This article discusses the theoretical foundation and empirical methods for estimating the value of a statistical life (VSL). VSL is defined by individuals' preferences for small changes in risk and income, and often used by environmental and other economists to measure the monetary value of reduced mortality risk. The article reviews the dependence of VSL on age, income, baseline mortality risk, and latency.
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | College | Graduate | Critical Thinking/Analysis -
Tutorial/PrimerPublication, Teaching Resource 1994Decision Theory: A Brief Introduction
Decision theory is theory about decisions. The subject is not a very unified one. To …
Decision theory is theory about decisions. The subject is not a very unified one. To the contrary, there are many different ways to theorize about decisions, and therefore also many different research traditions. This text attempts to reflect some of the diversity of the subject. This text, by Sven Ove Hansson, is a non-technical overview of modern decision theory. Its emphasis lies on the less (mathematically) technical aspects of decision theory. It is intended for university students…
Preferences/Values | Decision Theory | Economics/Finance | Graduate | Doctoral | Critical Thinking/Analysis | Quantitative Literacy -
Tools/ModelsInteractive, Teaching Resource 2020Interactive Graphic: Interpreting a COVID-19 Test Result
Currently, the most common diagnostic test for COVID-19 relies on reverse transcriptase polymerase chain reaction …
Currently, the most common diagnostic test for COVID-19 relies on reverse transcriptase polymerase chain reaction (RT-PCR), and most often uses samples obtained from the respiratory tract by nasopharyngeal swab. This interactive graphic demonstrates the influence of the prior probability of COVID-19, the test sensitivity (i.e., the probability of a positive test conditional on disease presence), and the test specificity (i.e., the probability of a negative test conditional on disease absence) on the post-test probability of…
Probability/Bayes | Test Performance | Infectious Diseases | Clinical Care | Health/Medicine | Science/Technology | High School | College | Graduate | Doctoral | Professional | Graphics/Visualization | Quantitative Literacy -
Online LearningPodcast, Teaching Resource 2018Choiceology with Katy Milkman
Through a series of ~30 minute podcasts sponsored by Charles Schwab, Katy Milkman a Wharton …
Through a series of ~30 minute podcasts sponsored by Charles Schwab, Katy Milkman a Wharton Professor asks “can we learn to make smarter choices?” Available for free through Apple’s iTunes, Google Podcasts or Spotify, Milkman explores lessons that have been learned from behavioral economics, sharing stories of irrational decision making--from historical blunders to everyday errors with the potential to impact the future. Season 1 of Choiceology included 7 podcasts hosted by author Dan Heath that…
Decision Psychology | Global | High School | College | Graduate | Doctoral | Professional | Critical Thinking/Analysis -
Lesson/ModuleVideo, Teaching Resource 2018Evidence Synthesis Part II: Quantitative Pooling
This video is intended to provide researchers with an introduction to the second part of conducting …
This video is intended to provide researchers with an introduction to the second part of conducting a meta-analysis: quantitatively pooling. The goal of this meta-analysis is to synthesize multiple published estimates from parameters of interest (such as disease-related mortality or the efficacy of a treatment) into a single input for use in a decision model. This video is part of the Conducting Cost-Effectiveness Analysis with VA Data (HCEA) free course offered by the U.S. Department of…
Mathematical Models | Evidence Synthesis | Health/Medicine | College | Graduate | Doctoral | Critical Thinking/Analysis | Quantitative Literacy -
Lesson/ModuleVideo, Teaching Resource 2018Evidence Synthesis Part I: Systematic Literature Review
This video is intended to provide researchers with an introduction to the first part of …
This video is intended to provide researchers with an introduction to the first part of conducting a meta-analysis: a systematic literature review. The goal of this meta-analysis is to synthesize multiple published estimates from parameters of interest (such as disease-related mortality or the efficacy of a treatment) into a single input for use in a decision model. This video is part of the Conducting Cost-Effectiveness Analysis with VA Data (HCEA) free course offered by the…
Mathematical Models | Evidence Synthesis | Health/Medicine | North America | College | Graduate | Doctoral | Critical Thinking/Analysis | Quantitative Literacy -
Lesson/ModuleVideo, Teaching Resource 2018Estimating the Cost of an Intervention
This video is intended to provide a discussion of different methods that can be used …
This video is intended to provide a discussion of different methods that can be used to estimate the cost of a new intervention for conducting a decision analysis. This video is part of the Conducting Cost-Effectiveness Analysis with VA Data (HCEA) free course offered by the U.S. Department of Veterans Affairs Health Services Research and Development group focused on cost-effectiveness analysis and budget impact analyses. There were a total of 12 videos produced between January…
Decision Analysis | Costing Methods | Health/Medicine | North America | College | Graduate | Doctoral | Critical Thinking/Analysis | Decision Making/Leadership | Quantitative Literacy