Cohort models typically depict the possible consequences that might occur to a group of individuals
sharing the same characteristics [25]. The patient experience modelled in this case is that of the
average patient. The most common sub-types of cohort models are decision trees and Markov models.
Nonetheless, it is not unusual to come across hybrid models, meaning models consisting of a mix of a
decision tree for the short term duration of the model and a Markov model for longer term cost and
outcome projections.