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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (100726)2/16/2005 10:01:04 AM
From: LindyBill  Read Replies (1) of 793900
 
Rational Expectations - Optimal Evidence Standard for drugs

The FDA is setting up yet another bureaucratic layer in the drug approval process, in an attempt to identify dangerous drugs currently on the market. While most would view this as a "good thing", I am not so sure. A regulatory agency should attempt to minimize the sum of the cost of Type I errors (Unsafe drugs entering the market) vs. Type II (Effective drugs withheld from the market) errors. Given the informational problems associated with Type II errors (Public never hears about these), my guess is that the FDA already has too high an evidence standard because bureaucrats are only punished for Type I errors.
rationalexplications.com
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