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Data MArkets and OPtimal Sample Size Determination

Author

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  • Geoffard, P.Y.
  • Philipson, T.

Abstract

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.

Suggested Citation

  • Geoffard, P.Y. & Philipson, T., 1998. "Data MArkets and OPtimal Sample Size Determination," DELTA Working Papers 98-15, DELTA (Ecole normale supérieure).
  • Handle: RePEc:del:abcdef:98-15
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    References listed on IDEAS

    as
    1. Paul, Satya, 1991. "An index of relative deprivation," Economics Letters, Elsevier, vol. 36(3), pages 337-341.
    2. Kakwani, Nanak, 1984. "The Relative Deprivation Curve and Its Applications: Reply," Journal of Business & Economic Statistics, American Statistical Association, vol. 2(4), pages 400-405, October.
    3. Stark, Oded & Yitzhaki, Shlomo, 1988. "Labour Migration as a Response to Relative Deprivation," MPRA Paper 21670, University Library of Munich, Germany.
    4. Z. M. Berrebi & Jacques Silber, 1985. "Income Inequality Indices and Deprivation: A Generalization," The Quarterly Journal of Economics, Oxford University Press, vol. 100(3), pages 807-810.
    5. Kakwani, Nanak, 1984. "The Relative Deprivation Curve and Its Applications," Journal of Business & Economic Statistics, American Statistical Association, vol. 2(4), pages 384-394, October.
    6. Rosen, Sherwin, 1984. "The Relative Deprivation Curve and Its Applications," Journal of Business & Economic Statistics, American Statistical Association, vol. 2(4), pages 395-397, October.
    7. Shlomo Yitzhaki, 1979. "Relative Deprivation and the Gini Coefficient," The Quarterly Journal of Economics, Oxford University Press, vol. 93(2), pages 321-324.
    8. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
    9. Takayama, Noriyuki, 1979. "Poverty, Income Inequality, and Their Measures: Professor Sen's Axiomatic Approach Reconsidered," Econometrica, Econometric Society, vol. 47(3), pages 747-759, May.
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    More about this item

    Keywords

    EFFICIENCY ; SAMPLING;

    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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