Valuing Health: The Generalized Risk Adjusted Cost-Effectiveness (GRACE) Model

Separate registration required.

This course will present to participants a complete picture of the Generalized Risk Adjusted Cost Effectiveness (GRACE) model for health technology evaluation. The course will begin by discussing current uses of standard cost-effectiveness analysis (CEA) and concerns raised by that model. The mathematical foundations of GRACE will be discussed, along with methods for implementation. The estimation of utility functions using modern survey-based methods will be discussed, along with the use of “Prospect Theory” to recover more empirically robust utility functions. This workshop will also discuss the implications of GRACE for the analysis of equity, along with some important ethical implications of GRACE for CEA. This intermediate level course requires participants to have a working knowledge of basic calculus.