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Constructing Release Targets for Drug Products: A Bayesian Decision Theory Approach

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  • Jun Shao
  • Shein‐Chung Chow

Abstract

Constructing release targets for drug products in the pharmaceutical industry is considered. to account for the cost and profit of the drug company, a Bayesian decision theory approach is proposed. The release targets are constructed by minimizing the company's expected loss (or maximizing the expected gain). An example from a pharmaceutical company concerning the decision of releasing a batch of drug product is presented.

Suggested Citation

  • Jun Shao & Shein‐Chung Chow, 1991. "Constructing Release Targets for Drug Products: A Bayesian Decision Theory Approach," Journal of the Royal Statistical Society Series C, Royal Statistical Society, vol. 40(3), pages 381-390, November.
    • Handle: RePEc:bla:jorssc:v:40:y:1991:i:3:p:381-390
    DOI: 10.2307/2347518
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    Cited by:

    1. Baron Michael, 2000. "On Statistical Inference Under Asymmetric Loss Functions," Statistics & Risk Modeling, De Gruyter, vol. 18(4), pages 367-388, April.

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