Health Economic Evaluations

Course content

The course will give students an introduction to the principles of economic evaluations in health care. Topics include:

  • Foundations for economic evaluation
  • Critical assessment of clinical trials
  • Cost measurement
  • Budget impact and cost-of-illness
  • Cost-benefit, cost-effectiveness and cost-utility
  • Outcome and preference measurement
  • Trial-based economic evaluations and decision-analytic modelling
  • How to present results and how to handle uncertainty
  • Value of information analysis
  • Systematic reviews and meta-analyses
  • Introduction to modelling methods in MS Excel
  • Prioritization in the Danish health care sector

MSc programme in Economics – elective course


Learning outcome

After completing the course the student is expected to be able to:



  • Explain the difference between welfarist and extra-welfarist approaches to health economic evaluations.
  • Explain differences between cost-benefit, cost-effectiveness and cost-utility analyses.
  • Identify biases in clinical trial design and reporting.
  • Account for the methods and value of meta-analyses.
  • Define concepts related to preference measurement (including time trade-off and standard gamble) as well as common instruments (including EQ-5D).
  • Define the concepts of budget impact analysis and value of information analysis and their usefulness in healthcare decision-making.
  • Account for the difference between trial-based evaluations and decision-analytic models and the differences between alternative decision-analytic models including decision trees and Markov models.
  • Discuss the concepts of deterministic and probabilistic sensitivity analysis and their ability to assess robustness of results.



  • Discuss and assess the documented efficacy of a healthcare intervention.
  • Analyze cost-effectiveness analyses to determine the drivers of conclusions and assess their validity.



  • Determine if a particular healthcare intervention can be said to be cost effective or not by using the published literature.
  • Critically and independently assess health economic evaluations as published in the scientific literature.
  • Implement proper methods for analyzing cost-effectiveness of a new healthcare intervention.

Lectures. Six of these will include exercises, in which students will work individually or in groups getting hands-on experience with modelling.

  • Drummond, M. F., Methods for the economic evaluation of health care programmes, 4th edition, Oxford University Press, 2015, ISBN 9780199665877 (  link),

  • Supplemented by a number of scientific articles.

Understanding of economic concepts including opportunity costs and statistical methods.

3 lectures every week from week 36 to 50 (except week 42).

The overall schema for the Master can be seen at KUnet:
MSc in Economics => "Courses and teaching" => "Planning and overview" => "Your timetable"

Timetable and venue:
To see the time and location of lectures please press the link under "Se skema" (See schedule) at the right side of this page. E means Autumn.

You can find the similar information partly in English at
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-E19; [Name of course]””
-Select Report Type: “List – Weekdays”
-Select Period: “Efterår/Autumn – Weeks 31-5”
Press: “ View Timetable”

7,5 ECTS
Type of assessment
Written assignment, 3 weeks
project paper that can be written individually or in groups of up to 3 students. The plagiarism rules must be complied and please be aware of the rules for co-writing assignemnts. The project paper must be written in English.

The project evaluates published cost-effectiveness research and identifies cost-effective treatments for a disease of the student’s choice. The student should demonstrate the ability to critically appraise cost-effectiveness research.
All aids allowed
Marking scale
7-point grading scale
Censorship form
No external censorship
for the written exam. The exam may be chosen for external censorship by random check.
Criteria for exam assessment

Students are assessed on the extent to which they master the learning outcome for the course.


To receive the top grade, the student must with no or only a few minor weaknesses be able to demonstrate an excellent performance displaying a high level of command of all aspects of the relevant material and can make use of the knowledge, skills and competencies listed in the learning outcomes.

Single subject courses (day)

  • Category
  • Hours
  • Exam
  • 82
  • Preparation
  • 82
  • Lectures
  • 42
  • English
  • 206