Data MArkets and OPtimal Sample Size Determination
AbstractThis paper discusses experimental design from an efficiency viewpoint. We interpret the design of social experiments as an economic intertemporal consumption problem, as opposed to a statistical variance minimization problem, and contrast the difference between Pareto optimal sample sizes and those given by statistical determination procedures. Since experimental consumption confers positive external effects, we show that efficient designs involve subsidizing experimental consumption. The paper also discusses how a monopoly producer, such as a pharmaceutical company in the case of clinical trials, may implement Pareto optimal sample sizes by subsidizing experimental consumption to the degree dictated by mark-ups on future consumers.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 98-15.
Length: 24 pages
Date of creation: 1998
Date of revision:
EFFICIENCY ; SAMPLING;
Find related papers by JEL classification:
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
- D62 - Microeconomics - - Welfare Economics - - - Externalities
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
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