Economic evaluation reference case with Markov model

William Padula, Shreena Malaviya, Natalie M. Reid, Jonothan Tierce, G. Caleb Alexander

Research output: Chapter in Book/Report/Conference proceedingChapter


Chapter 4.4 provides a reference case for vaccine economic evaluation using a novel COVID-19 vaccine program Markov model. For this exercise, the model is provided with interactive data to make it fully functional and generate analyzable results. It is highly recommended that readers engage with the Excel model simultaneously to studying the exercise. What readers will find as they engage in this model is that Markov models operate much differently than decision trees, as they require more data and time-steps to complete a Markov trace. Ultimately, these models could provide more helpful information about value over time, which in turn can inform important data for return-on-investment calculations and other economic statistics that depend on time and efficiency, considering the rapid spread of infectious diseases such as COVID-19.

Original languageEnglish (US)
Title of host publicationHandbook of Applied Health Economics in Vaccines
PublisherOxford University Press
Number of pages18
ISBN (Electronic)9780191918544
ISBN (Print)9780192896087
StatePublished - Jan 1 2023


  • cost-effectiveness analysis
  • COVID-19 vaccines
  • economic evaluation
  • economic models
  • Markov models

ASJC Scopus subject areas

  • General Medicine


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