Decision Analytic Modelling for Economic Evaluation (Advanced)

Overview - Decision Analyitic Modelling for Economic Evaluation Advanced

This course has been cancelled - please register interest for 2021.

This is a three-day course focusing on Advanced Modelling Methods for Economic Evaluation. 

A two-day foundations version of the course is also available.

Who is this course for?

The course is aimed at health economists and those health professionals with experience of health economics who wish to learn about recent methodological developments in cost-effectiveness analysis. It is designed for participants who are familiar with basic decision modelling who wish to learn how to use more advanced modelling methods. It is envisaged that participants will currently be undertaking modelling for health economic evaluation.

The course will be based in a computer laboratory with each participant being given access to a computer with Microsoft Excel installed. Each module will involve computer work on exercises which will be built up over the three days. A familiarity with Microsoft Excel is essential.

Course fee

The fee for 2020 is £1,200.00 for public/academic sector participants and £1,870.00 for commercial sector participants. Participants employed by academic/governmental institutions or NGOs from low- and middle-income countries (World Bank definition) are offered a 25% reduction on the public/academic course fee - see full list of eligible countries.

The fee will cover participation in the course, course materials, lunch and one course dinner event. It will not include travel costs and accommodation.

Course objectives
Course objectives - Decision Analyitic Modelling for Economic Evaluation Advanced

Course objectives

By the end of the course, participants will be able to:

  • model and populate a Markov model with time-dependent probabilities based on the results of parametric survival modelling
  • make a probabilistic model to reflect parameter uncertainty and to run Monte Carlo simulation
  • present the results of a probabilistic model using net monetary benefits and cost-effectiveness acceptability curves
  • assess the expected value of perfect information
  • understand how to incorporate various forms of meta-analysis into probabilistic decision models

Course content

Please note that the exact programme is subject to change although the material covered will remain largely the same

Day One

  • Introduction
  • Module 1: Developments in Markov modelling
    • Overview of Markov models
    • Advanced concepts in Markov models - time dependency and dealing with the Markov assumption
    • Building time dependency into Markov models using parametric survival modelling
    • Partitioned survival analysis for cost effectiveness modelling
    • Exercise
  • Evening social event: drinks reception

Day Two

  • Module 2: Probabilistic modelling
    • 2nd order Monte Carlo
    • Dealing with distributions
    • Programming Excel
    • Using regression analysis to populate models
    • Exercise
  • Module 3: Presenting the results of probabilistic modelling
    • Presenting results from probabilistic models (net benefits, cost-effectiveness acceptability curves, sub-groups)
    • Exercise

Evening social event: course dinner

Day Three

  • Module 4: Value of information analysis
    • Value of information methods
    • Development of EVPI
    • Introduction to EVSI
    • Exercise
  • Module 5: Evidence synthesis in probabilistic models
    • Metrics used in meta-analysis
    • Fixed and random effects models
    • Indirect and mixed treatment comparisons
    • Exercise

A copy of the handbook 'Decision Modelling for Health Economic Evaluation' is included with the course materials.

The following article describes an introduction to Markov modelling: Briggs A, Sculpher M. Introducing Markov models for economic evaluation. PharmacoEconomics 1998; 13(4): 397-409. An Excel version of the model may be downloaded if you wish.

How to apply
How to apply - Decision Analyitic Modelling for Economic Evaluation Advanced

Applying for this course

This course has been cancelled - please register interest for 2021.

Please read LSHTM's Admissions policies prior to submitting your application.

Short courses - visas, accommodation, disclaimer


The student is responsible for obtaining any visa or other permissions to attend the course, and is encouraged to start the application process as early as possible as obtaining a visa for the UK can sometimes take a long time. The Short Courses team can provide supporting documentation if requested.

Accommodation and meals

A list of hotels located in the vicinity of LSHTM, along with further resources for short term accommodation, can be found on our accommodation pages. Tea and coffee will be provided during breaks. Lunch vouchers for the LSHTM canteen will also be available.

Evening meals are not catered for at LSHTM, however there is a large choice of restaurants, cafés and shops nearby.

Important information

Please note:

  • If you have been offered a place on the course you will not be able to register without bringing formal ID (Passport) and without having obtained the correct visa if required.
  • It is essential that you read the current visa requirements for short course students.
  • LSHTM may cancel courses two weeks before the first day of the course if numbers prove insufficient.  In those circumstances, course fees will be refunded.
  • LSHTM cannot accept responsibility for accommodation, travel and other losses incurred as a result of the course being cancelled.