A Procedure for Deriving Formulas to Convert Transition Rates to Probabilities for Multi-State Markov Models
For health-economic analyses that use multi-state Markov models, it is often necessary to convert from transition rates to transition probabilities, and for probabilistic sensitivity analysis and other purposes it is useful to have explicit algebraic formulas for these conversions, to avoid having to resort to numerical methods. However, if there are four or more states…