<!-- Generated by pkgdown: do not edit by hand -->
<!DOCTYPE html>
<html lang="en">
  <head>
  <meta charset="utf-8">
<meta http-equiv="X-UA-Compatible" content="IE=edge">
<meta name="viewport" content="width=device-width, initial-scale=1.0">

<title>Cost-effectiveness Analysis Including a Parameter of Risk Aversion — CEriskav • BCEA</title>

<!-- favicons -->
<link rel="icon" type="image/png" sizes="16x16" href="../favicon-16x16.png">
<link rel="icon" type="image/png" sizes="32x32" href="../favicon-32x32.png">
<link rel="apple-touch-icon" type="image/png" sizes="180x180" href="../apple-touch-icon.png" />
<link rel="apple-touch-icon" type="image/png" sizes="120x120" href="../apple-touch-icon-120x120.png" />
<link rel="apple-touch-icon" type="image/png" sizes="76x76" href="../apple-touch-icon-76x76.png" />
<link rel="apple-touch-icon" type="image/png" sizes="60x60" href="../apple-touch-icon-60x60.png" />

<!-- jquery -->
<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.4.1/jquery.min.js" integrity="sha256-CSXorXvZcTkaix6Yvo6HppcZGetbYMGWSFlBw8HfCJo=" crossorigin="anonymous"></script>
<!-- Bootstrap -->

<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.4.1/css/bootstrap.min.css" integrity="sha256-bZLfwXAP04zRMK2BjiO8iu9pf4FbLqX6zitd+tIvLhE=" crossorigin="anonymous" />

<script src="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.4.1/js/bootstrap.min.js" integrity="sha256-nuL8/2cJ5NDSSwnKD8VqreErSWHtnEP9E7AySL+1ev4=" crossorigin="anonymous"></script>

<!-- bootstrap-toc -->
<link rel="stylesheet" href="../bootstrap-toc.css">
<script src="../bootstrap-toc.js"></script>

<!-- Font Awesome icons -->
<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/5.12.1/css/all.min.css" integrity="sha256-mmgLkCYLUQbXn0B1SRqzHar6dCnv9oZFPEC1g1cwlkk=" crossorigin="anonymous" />
<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/5.12.1/css/v4-shims.min.css" integrity="sha256-wZjR52fzng1pJHwx4aV2AO3yyTOXrcDW7jBpJtTwVxw=" crossorigin="anonymous" />

<!-- clipboard.js -->
<script src="https://cdnjs.cloudflare.com/ajax/libs/clipboard.js/2.0.6/clipboard.min.js" integrity="sha256-inc5kl9MA1hkeYUt+EC3BhlIgyp/2jDIyBLS6k3UxPI=" crossorigin="anonymous"></script>

<!-- headroom.js -->
<script src="https://cdnjs.cloudflare.com/ajax/libs/headroom/0.11.0/headroom.min.js" integrity="sha256-AsUX4SJE1+yuDu5+mAVzJbuYNPHj/WroHuZ8Ir/CkE0=" crossorigin="anonymous"></script>
<script src="https://cdnjs.cloudflare.com/ajax/libs/headroom/0.11.0/jQuery.headroom.min.js" integrity="sha256-ZX/yNShbjqsohH1k95liqY9Gd8uOiE1S4vZc+9KQ1K4=" crossorigin="anonymous"></script>

<!-- pkgdown -->
<link href="../pkgdown.css" rel="stylesheet">
<script src="../pkgdown.js"></script>




<meta property="og:title" content="Cost-effectiveness Analysis Including a Parameter of Risk Aversion — CEriskav" />
<meta property="og:description" content="Extends the standard cost-effectiveness analysis to modify the utility
function so that risk aversion of the decision maker is explicitly accounted
for." />
<meta property="og:image" content="/logo.png" />




<!-- mathjax -->
<script src="https://cdnjs.cloudflare.com/ajax/libs/mathjax/2.7.5/MathJax.js" integrity="sha256-nvJJv9wWKEm88qvoQl9ekL2J+k/RWIsaSScxxlsrv8k=" crossorigin="anonymous"></script>
<script src="https://cdnjs.cloudflare.com/ajax/libs/mathjax/2.7.5/config/TeX-AMS-MML_HTMLorMML.js" integrity="sha256-84DKXVJXs0/F8OTMzX4UR909+jtl4G7SPypPavF+GfA=" crossorigin="anonymous"></script>

<!--[if lt IE 9]>
<script src="https://oss.maxcdn.com/html5shiv/3.7.3/html5shiv.min.js"></script>
<script src="https://oss.maxcdn.com/respond/1.4.2/respond.min.js"></script>
<![endif]-->



  </head>

  <body data-spy="scroll" data-target="#toc">
    <div class="container template-reference-topic">
      <header>
      <div class="navbar navbar-default navbar-fixed-top" role="navigation">
  <div class="container">
    <div class="navbar-header">
      <button type="button" class="navbar-toggle collapsed" data-toggle="collapse" data-target="#navbar" aria-expanded="false">
        <span class="sr-only">Toggle navigation</span>
        <span class="icon-bar"></span>
        <span class="icon-bar"></span>
        <span class="icon-bar"></span>
      </button>
      <span class="navbar-brand">
        <a class="navbar-link" href="../index.html">BCEA</a>
        <span class="version label label-default" data-toggle="tooltip" data-placement="bottom" title="Released version">2.4</span>
      </span>
    </div>

    <div id="navbar" class="navbar-collapse collapse">
      <ul class="nav navbar-nav">
        <li>
  <a href="../index.html">
    <span class="fas fa fas fa-home fa-lg"></span>
     
  </a>
</li>
<li>
  <a href="../reference/index.html">Reference</a>
</li>
<li class="dropdown">
  <a href="#" class="dropdown-toggle" data-toggle="dropdown" role="button" aria-expanded="false">
    Articles
     
    <span class="caret"></span>
  </a>
  <ul class="dropdown-menu" role="menu">
    <li>
      <a href="../articles/ceac.html">Cost-effectiveness acceptability curve plots</a>
    </li>
    <li class="divider"></li>
    <li>
      <a href="../articles/index.html">More...</a>
    </li>
  </ul>
</li>
<li>
  <a href="../news/index.html">Changelog</a>
</li>
      </ul>
      <ul class="nav navbar-nav navbar-right">
        <li>
  <a href="https://github.com/giabaio/BCEA/">
    <span class="fab fa fab fa-github fa-lg"></span>
     
  </a>
</li>
      </ul>
      
    </div><!--/.nav-collapse -->
  </div><!--/.container -->
</div><!--/.navbar -->

      

      </header>

<div class="row">
  <div class="col-md-9 contents">
    <div class="page-header">
    <h1>Cost-effectiveness Analysis Including a Parameter of Risk Aversion</h1>
    <small class="dont-index">Source: <a href='https://github.com/giabaio/BCEA/blob/master/R/CEriskav.R'><code>R/CEriskav.R</code></a></small>
    <div class="hidden name"><code>CEriskav.Rd</code></div>
    </div>

    <div class="ref-description">
    <p>Extends the standard cost-effectiveness analysis to modify the utility
function so that risk aversion of the decision maker is explicitly accounted
for.</p>
    </div>

    <pre class="usage"><span class='fu'>CEriskav</span><span class='op'>(</span><span class='va'>he</span>, r <span class='op'>=</span> <span class='cn'>NULL</span>, comparison <span class='op'>=</span> <span class='fl'>1</span><span class='op'>)</span></pre>

    <h2 class="hasAnchor" id="arguments"><a class="anchor" href="#arguments"></a>Arguments</h2>
    <table class="ref-arguments">
    <colgroup><col class="name" /><col class="desc" /></colgroup>
    <tr>
      <th>he</th>
      <td><p>A <code>bcea</code> object containing the results of the Bayesian
modelling and the economic evaluation.</p></td>
    </tr>
    <tr>
      <th>r</th>
      <td><p>A vector of values for the risk aversion parameter. If <code>NULL</code>,
default values are assigned by R. The first (smallest) value (<code>r</code> -&gt; 0)
produces the standard analysis with no risk aversion.</p></td>
    </tr>
    <tr>
      <th>comparison</th>
      <td><p>In case of more than 2 interventions being analysed,
selects which plot should be made.  By default the first possible choice is
selected as the comparator.</p></td>
    </tr>
    </table>

    <h2 class="hasAnchor" id="value"><a class="anchor" href="#value"></a>Value</h2>

    <p>An object of the class <code>CEriskav</code> containing the following
elements:</p>
<dt>Ur</dt><dd><p>An array containing the simulated values for all the
''known-distribution'' utilities for all interventions, all the values of
the willingness to pay parameter and for all the possible values of
<code>r</code></p></dd>
<dt>Urstar</dt><dd><p>An array containing the simulated values for the
maximum ''known-distribution'' expected utility for all the values of the
willingness to pay parameter and for all the possible values of <code>r</code></p></dd>
<dt>IBr</dt><dd><p>An array containing the simulated values for the distribution of
the Incremental Benefit for all the values of the willingness to pay and for
all the possible values of <code>r</code></p></dd>
<dt>eibr</dt><dd><p>An array containing the Expected Incremental Benefit for each
value of the willingness to pay parameter and for all the possible values of
<code>r</code></p></dd>
<dt>vir</dt><dd><p>An array containing all the simulations for the Value of
Information for each value of the willingness to pay parameter and for all
the possible values of <code>r</code></p></dd>
<dt>evir</dt><dd><p>An array containing the Expected Value of Information
for each value of the willingness to pay parameter and for all the possible
values of <code>r</code></p></dd>
<dt>R</dt><dd><p>The number of possible values for the parameter of risk aversion
<code>r</code></p></dd>
<dt>r</dt><dd><p>The vector containing all the possible values for the parameter of
risk aversion <code>r</code></p></dd>

    <h2 class="hasAnchor" id="references"><a class="anchor" href="#references"></a>References</h2>

    <p>Baio, G., Dawid, A. P. (2011). Probabilistic Sensitivity
Analysis in Health Economics. Statistical Methods in Medical Research
doi:10.1177/0962280211419832.</p>
<p>Baio G. (2012). Bayesian Methods in Health Economics. CRC/Chapman Hall, London.</p>
    <h2 class="hasAnchor" id="see-also"><a class="anchor" href="#see-also"></a>See also</h2>

    <div class='dont-index'><p><code><a href='bcea.html'>bcea</a></code></p></div>
    <h2 class="hasAnchor" id="author"><a class="anchor" href="#author"></a>Author</h2>

    <p>Gianluca Baio</p>

    <h2 class="hasAnchor" id="examples"><a class="anchor" href="#examples"></a>Examples</h2>
    <pre class="examples"><div class='input'>
<span class='co'># See Baio G., Dawid A.P. (2011) for a detailed description of the </span>
<span class='co'># Bayesian model and economic problem</span>

<span class='co'># Load the processed results of the MCMC simulation model</span>
<span class='fu'><a href='Smoking.html'>data</a></span><span class='op'>(</span><span class='va'>Vaccine</span><span class='op'>)</span>

<span class='co'># Runs the health economic evaluation using BCEA</span>
<span class='va'>m</span> <span class='op'>&lt;-</span> <span class='fu'><a href='bcea.html'>bcea</a></span><span class='op'>(</span>e<span class='op'>=</span><span class='va'>e</span>,c<span class='op'>=</span><span class='va'>c</span>,          <span class='co'># defines the variables of </span>
                            <span class='co'>#  effectiveness and cost</span>
      ref<span class='op'>=</span><span class='fl'>2</span>,                <span class='co'># selects the 2nd row of (e, c) </span>
                            <span class='co'>#  as containing the reference intervention</span>
      interventions<span class='op'>=</span><span class='va'>treats</span>, <span class='co'># defines the labels to be associated </span>
                            <span class='co'>#  with each intervention</span>
      Kmax<span class='op'>=</span><span class='fl'>50000</span>            <span class='co'># maximum value possible for the willingness </span>
                            <span class='co'>#  to pay threshold; implies that k is chosen </span>
                            <span class='co'>#  in a grid from the interval (0, Kmax)</span>
<span class='op'>)</span>

<span class='co'># Define the vector of values for the risk aversion parameter, r, eg:</span>
<span class='va'>r</span> <span class='op'>&lt;-</span> <span class='fu'><a href='Smoking.html'>c</a></span><span class='op'>(</span><span class='fl'>1e-10</span>, <span class='fl'>0.005</span>, <span class='fl'>0.020</span>, <span class='fl'>0.035</span><span class='op'>)</span> 

<span class='co'># Run the cost-effectiveness analysis accounting for risk aversion</span>
<span class='co'># \donttest{</span>
<span class='va'>cr</span> <span class='op'>&lt;-</span> <span class='fu'>CEriskav</span><span class='op'>(</span><span class='va'>m</span>,     <span class='co'># uses the results of the economic evalaution </span>
                      <span class='co'>#  (a "bcea" object) </span>
        r<span class='op'>=</span><span class='va'>r</span>,          <span class='co'># defines the vector of values for the risk </span>
                      <span class='co'>#  aversion parameter </span>
        comparison<span class='op'>=</span><span class='fl'>1</span>  <span class='co'># if more than 2 interventions, selects the </span>
                      <span class='co'>#  pairwise comparison </span>
<span class='op'>)</span> 
<span class='co'># }</span>

</div></pre>
  </div>
  <div class="col-md-3 hidden-xs hidden-sm" id="pkgdown-sidebar">
    <nav id="toc" data-toggle="toc" class="sticky-top">
      <h2 data-toc-skip>Contents</h2>
    </nav>
  </div>
</div>


      <footer>
      <div class="copyright">
  <p>Developed by Gianluca Baio, Andrea Berardi, Anna Heath, Nathan Green.</p>
</div>

<div class="pkgdown">
  <p>Site built with <a href="https://pkgdown.r-lib.org/">pkgdown</a> 1.6.1.</p>
</div>

      </footer>
   </div>

  


  </body>
</html>


