Robust decision-making relies on Full Economic Evaluations, which mandate comparing an intervention against a baseline standard of care. The main techniques you can highlight include:

• Cost-Minimization Analysis (CMA): Finding the cheapest option when outcomes are proven to be identical.

• Cost-Effectiveness (CEA) & Cost-Utility Analyses (CUA): Evaluating technical and intra-sector allocative efficiency using natural clinical units or QALYs/DALYs.

• Cost-Benefit Analysis (CBA): Monetizing all outcomes to assess broad, cross-sector allocative efficiency.

To execute these evaluations and handle real-world complexities, economists use decision-analytic tools (like Markov models or decision trees) to simulate long-term patient outcomes, and sensitivity analyses to account for data uncertainty