WMM3: MODELING SEQUENTIAL DECISION-MAKING IN PHARMACOECONOMICS

Convergence in a sequential two stages decision making process

We analyze a sequential decision making process, in which at each stepthe decision is made in two stages. In the rst stage a partially optimalaction is chosen, which allows the decision maker to learn how to improveit under the new environment. We show how inertia (cost of changing)may lead the process to converge to a routine where no further changesare made. We illustrate our scheme with some...

Pharmacoeconomics--an aid to better decision-making.

OBJECTIVES The first aim of this workshop was to define pharmacoeconomic concepts and terminology. Pharmacoeconomics can be defined as the branch of economics that uses cost-benefit, cost-effectiveness, cost-minimization, cost-of-illness and cost-utility analyses to compare pharmaceutical products and treatment strategies. Economic evaluations provide healthcare decision-makers with valuable in...

Modeling Sequential Information Acquisition Behavior in Rational Decision Making

Most real-life decisions are made with less than perfect information and there is often some opportunity to acquire additional information to increase the quality of the decision. In this article, we define and study the sequential information acquisition process of a rational decision maker (DM) when allowed to acquire any finite amount of information from a set of products defined by vectors ...

Possibilistic sequential decision making

Article history: Received 21 March 2013 Received in revised form 14 November 2013 Accepted 15 November 2013 Available online 19 December 2013

Learning and Sequential Decision Making