A Bayesian approach to sensitivity analysis

Sensitivity analysis has traditionally been applied to decision models to q uantify the stability of a preferred alternative to parametric variation. I n the health literature, sensitivity measures have traditionally been based upon distance metrics, payoff variations, and probability measures. We adv ocate a new approach based on information value and argue that such an appr oach is better suited to address the decision-maker's real concerns. We pro vide an example comparing conventional sensitivity analysis to one based on information value. This article is a US government work and is in the publ ic domain in the United States.