Early economic modelling has long been recommended to aid research and development (R&D;) decisions in medical innovation, although they are less frequently published and critically appraised. A review of 30 innovations by Grutters et al provides an opportunity to evaluate how early models are used in practice. The evidence of early models can be used to inform two types...

T are many critical concerns (including the accounting for endogeneity) when one is properly estimating response functions. However, it is sometimes (certainly not always) better to leave some variables exogenous when building mathematical models intended to help decision makers. The exogenous variables allow the decision maker to better adapt the mathematical model to different situations and ...

Modem organizations rely extensively on computer based mathematical models designed to solve various statistical, optimization, and decision making problems, or to enhance the quality of the decisions made by humans. These models do not exist in isolation, but form complex relationships with each other resulting in organizational model bases. Large model bases require extensive structuring and ...