Caro develops and applies novel techniques in modeling, health economics, comparative effectiveness, epidemiology, and outcomes research. To provide a better alternative to the well-known QALY, he is working on the BADI, a broader approach to valuing health benefits. He continues to develop DICE, the unified approach to health economic modeling that he created. Working with health technology assessment agencies and academic groups, he is formalizing this innovation to enable rapid, standardized and less error-prone development of decision-analytic models. Dr. Caro has adapted an engineering technique – discrete event simulation – to model diseases and their treatment and extended it to simulate the design of clinical trials and observational studies. He applied this technique to provide comparative effectiveness information in the absence of head-to-head trials in a new method called Simulated Treatment Comparisons and is applying simulation to make registries more feasible and efficient – an approach called SAVES. He proposed an innovative approach to the assessment of health technologies involving the efficiency frontier and is helping address the growing problem of judicialization of health care system decisions.