Markov Model

Definitions

Electronics

Health Economics

  • A type of model used in cost-effectiveness and cost-utility analyses in which the progress of a disease with and without interventions is modelled in a sequence of time periods, each being associated with a particular measure of health, and each having a probability of moving from it to the next state. The method is an extended form of the decision tree that is particularly suited to the analysis of chronic conditions when a normal decision tree might become uncontrollably complex. Named after the Russian mathematician Andrei Andreyevich Markov (1856-1922).
  • synonymMarkov System
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