Billions of Dollars Worth of Experiments: Calibrating Clinical Trial Investments
Now is the golden age of Randomized Controlled Trials (RCTs; equivalently, randomized experiments or A/B tests). RCTs are the society-wide standard of evidence, being popular in business and politics (Siroker and Koomen 2013), as well as public policy (Gueron and Rolston 2013) and the social sciences (Banerjee and Duflo 2012). At their historical origin, RCTs started as safety and efficacy tests of drugs and medical treatments, i.e., clinical trials (Gaw 2009).
- Banerjee, A., & Duflo, E. (2012). Poor economics: A radical rethinking of the way to fight global poverty, PublicAffairs.Google Scholar
- Gaw, A. (2009). Trial by fire: Lessons from the history of clinical trials, SA Press.Google Scholar
- Gueron, J.M., & Rolston, H. (2013). Fighting for reliable evidence. Russell sage foundation.Google Scholar
- Narita, Y. (2018). Toward an ethical experiment. Working Paper.Google Scholar
- Siroker, D., & Koomen, P. (2013). A/B testing: The most powerful way to turn clicks into customers. Wiley.Google Scholar
- Wong, H.-H., Jessup, A., Sertkaya, A., Birkenbach, A., Berlind, A., & Eyraud, J. (2014). Examination of clinical trial costs and barriers for drug development https://aspe.hhs.gov/report/examination-clinical-trial-costs-and-barriers-drug-development.