Bayesian decision analysis for the drug-approval process (NSFW)
Statistical Modeling, Causal Inference, and Social Science 2015-12-22
Summary:
Bill Jefferys points me to a paper, “Is the FDA Too Conservative or Too Aggressive?: A Bayesian Decision Analysis of Clinical Trial Design,” by Vahid Montazerhodjat and Andrew Lo. Here’s the abstract: Implicit in the drug-approval process is a trade-off between Type I and Type II error. We propose using Bayesian decision analysis (BDA) to […]
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