Flow diagram of the Markov cohort model. Each pane represents a state of health. Straight lines with arrows indicate transition from one state to another one while circular arrows mean that some patients may stay at the same state for more than one cycle. Two therapy strategies were designed in this model with initial treatments of LR and TACE. Patients with progressive HCC in both groups were assumed to receive no further treatments. For TACE group, patients with PR, SD, or recurrence after CR will be considered candidates for repeated TACE except those with progressive disease. For LR group, patients with recurrent HCC after initial LR were assumed to receive repeated TACE treatment. Patients with positive resection margin will be assumed to have progressive HCC. LR, liver resection; TACE, transarterial chemoembolization; HCC, hepatocellular carcinoma; PR, partial response; SD, stable disease; CR, complete response