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Abstract

Private information induces individuals to self-select as subjects into clinical research trials, and it induces researchers to select which trials they conduct. We show that selection can induce ex ante therapeutic misconception and ex post disappointment among research subjects; and it undermines it the rationale of collective equipoise as an ethical basis for clinical trials. Selection provides a reason to make non-trivial payments to subjects and it implies that researchers should not design experiments to maximize statistical power.

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File URL: http://casgroup.fiu.edu/pages/docs/2247/1275232346_05-06.pdf
File Function: First version, 2005
Download Restriction: no

Bibliographic Info

Paper provided by Florida International University, Department of Economics in its series Working Papers with number 0506.

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Length: 27 pages
Date of creation: Jun 2005
Date of revision:
Handle: RePEc:fiu:wpaper:0506

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Postal: Miami, FL 33199
Phone: (305) 348-2316
Fax: (305) 348-1524
Web page: http://casgroup.fiu.edu/Economics/
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Related research

Keywords: clinical trials; therapeutic misconception; equipoise; selection;

Find related papers by JEL classification:

• I1 - Health, Education, and Welfare - - Health

This paper has been announced in the following NEP Reports:

• NEP-ALL-2005-08-13 (All new papers)

References

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1. Peter Thompson & Steven Klepper, 2005. "Spinoff Entry in High-tech Industries: Motives and Consequences," Working Papers 0503, Florida International University, Department of Economics.
2. Kent Daniel & David Hirshleifer & Avanidhar Subrahmanyam, 1998. "Investor Psychology and Security Market Under- and Overreactions," Journal of Finance, American Finance Association, vol. 53(6), pages 1839-1885, December.
3. J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, 1988. "The Survival of Noise Traders in Financial Markets," NBER Working Papers 2715, National Bureau of Economic Research, Inc.
   
   • De Long, J Bradford, et al, 1991. "The Survival of Noise Traders in Financial Markets," The Journal of Business, University of Chicago Press, vol. 64(1), pages 1-19, January.
   • De Long, J. Bradford & Shleifer, Andrei & Summers, Lawrence H. & Waldmann, Robert J., 1991. "The Survival of Noise Traders in Financial Markets," Scholarly Articles 3725470, Harvard University Department of Economics.
   • J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann,, . "The Survival of Noise Traders in Financial Markets," J. Bradford De Long's Working Papers _123, University of California at Berkeley, Economics Department.
4. Chard, J. A. & Lilford, R. J., 1998. "The use of equipoise in clinical trials," Social Science & Medicine, Elsevier, vol. 47(7), pages 891-898, October.

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