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Merit of test : perspective of information economics


Galeotti, Andrea; Steiner, Jakub; Surico, Paolo (2020). Merit of test : perspective of information economics. Health Policy and Technology, 9(4):575-577.

Abstract

This article assesses the merit of a test through the lenses of economics, with applications to SARS-CoV-2. This allows us to rank distinct tests and to show that this ranking is not universal; it depends on the pre-test information available to the decision-maker and the losses stemming from incorrect actions. We provide a method to select, from multiple tests with different sensitivity and specificity, the test that helps the decision-maker the most to achieve her objective.

Abstract

This article assesses the merit of a test through the lenses of economics, with applications to SARS-CoV-2. This allows us to rank distinct tests and to show that this ranking is not universal; it depends on the pre-test information available to the decision-maker and the losses stemming from incorrect actions. We provide a method to select, from multiple tests with different sensitivity and specificity, the test that helps the decision-maker the most to achieve her objective.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Physical Sciences > Biomedical Engineering
Health Sciences > Health Policy
Uncontrolled Keywords:Health policy, biomedical engineering
Language:English
Date:December 2020
Deposited On:08 Jan 2021 14:15
Last Modified:09 Jan 2021 21:01
Publisher:Elsevier
ISSN:2211-8837
OA Status:Hybrid
Publisher DOI:https://doi.org/10.1016/j.hlpt.2020.08.012
Project Information:
  • : FunderH2020
  • : Grant ID770652
  • : Project TitleBEHAVFRICTIONS - Behavioral Implications of Information-Processing Frictions
  • : FunderH2020
  • : Grant ID724356
  • : Project TitleConnections - Oligopoly Markets and Networks

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