Crisis Week: Price the Placebo Appropriately
Reuters, the global english news service, reports on this months Ig Nobel Prize awards:
the medicine prize was awarded to a team at Duke University in North Carolina who showed that high-priced placebos work better than cheap fake medicine.
It sounds stupid but it is worth remembering in this time of crisis when con-men will be selling lots of placebos: the more expensive ones are more likely to work. Since the economic collapse is currently about confidence, placebos are as likely to work as anything else.
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October 8, 2008 No Comments
