Data MArkets and OPtimal Sample Size Determination
This 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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