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Further Topics in Economic Evaluation - ECO00053M

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  • Department: Economics and Related Studies
  • Credit value: 20 credits
  • Credit level: M
  • Academic year of delivery: 2024-25

Module summary

To develop your understanding of the latest methods in economic evaluation, to apply these methods and to appraise critically published economic evaluation studies.

Module will run

Occurrence Teaching period
A Summer Term 2024-25

Module aims

To develop your understanding of the latest methods in economic evaluation, to apply these methods and to appraise critically published economic evaluation studies.

Module learning outcomes

Upon Successful completion of the module you should be able to:

  • Explain how the economic concepts of efficiency provide the foundations for the conomic evaluation of health care technologies.
  • Understand what the cost-effectiveness threshold represents and know how it might be estimated.
  • Use appropriate decision rules in cost benefit and cost-effectiveness analysis, including an understanding of the importance of incremental ratios, extended dominance, net health benefits.
  • Explain and discuss the rationale for discounting health benefits and costs in economic evaluation.
  • Explain and discuss the methods problems associated with economic evaluation alongside randomised controlled trials (RCTs).
  • Explain the alternative approaches that have been proposed to handle and to describe the various forms of uncertainty when using individual patient level data from RCTs.
  • Explain the raionale for decision analytic modelling for economic evaluation and describe it's terminology.
  • Structure and analyse decision problems using a decision tree and Markov model.
  • Explain the difference between deterministic and probabalistic analysis in decision models.
  • Explain the concept of heterogeneity in the context of economic evaluation of health care technologies.
  • Identify the different sources of heterogeneity in economic evaluations.
  • Explain the factors in an economic evaluation which may limit generalisability of the evidence, and to consider how these may impact on the results of the analysis and methods for addressing this.
  • Explain the use, impact and challenged of using economic evaluation to support funding decision for health care technologies and how this varies between jurisdictions.

Indicative assessment

Task % of module mark
Open Exam (4 days) 100

Special assessment rules

None

Indicative reassessment

Task % of module mark
Open Exam (4 days) 100

Module feedback

Feedback will be given in line with University guidelines

Indicative reading

  • Methods for the Economic Evaluation of Health Care Programmes. Michael F. Drummond, Mark J. Sculpher, Karl Claxton, George W. Torrance, Bernie J. OBrien and Greg L. Stoddart. Oxford University Press 2015. 4th edition. ISBN 0198529457
  • Economic evaluation in health care. Merging theory with practice. M.F. Drummons and A. McGuire (eds). Oxford University Press 2001. ISBN 0192631764.
  • Cost-effectiveness in Health and Medicine. M.R. Gold, J.E. Siegel, L.B. Russell and M.C. Weinstein (eds). Oxford University Press 1996. ISBN 0195108248 OR
  • Cost-effectiveness in Health and Medicine


The information on this page is indicative of the module that is currently on offer. The University constantly explores ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary. In some instances it may be appropriate for the University to notify and consult with affected students about module changes in accordance with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.