Risk-Benefit Analysis

Definition

Health Economics

  • A limited form of cost-benefit analysis that examines the benefits and risks of a particular procedure or alternative procedures. The 'risks' are not themselves probabilities or expectations but the negative factors to weigh in a choice. Of course, neither pros nor cons are usually known with certainty but it seems odd to regard only the possibly negative consequences as risky. A more complete mouthful would be 'risk-of-harm with risk-of-benefit analysis' but then it is clear that the 'analysis' has become cost-effectiveness analysis, cost-benefit analysis or something rather better defined.
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