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Diabetic patients can receive multiple/different treatments. However, there is no universal solution for all patients, i.e., one prescription can treat some patients, but it may not be effective for others. Therefore, if we can stratify those patients into several sub-classes, the patients in each sub-class can receive the optimal treatment. There are two main challenges: (1) counterfactual inference when a patient can only take one treatment at a time, i.e., a long time is required to collect an adequate amount of patient data for analysis; (2) the confounding effects of covariates on the treatment. To address these challenges, we propose a method entitled constrained optimization for stratified treatment rules (COSTAR). The proposition is to view the realized treatment outcome as observable but the unrealized as missing values. Thus, the problem becomes finding the optimal treatment with missing outcomes and covariate balance constraints. Through the method COSTAR, the experiment res
End of efficiency in economics
Posted : 2020-12-23 16:15
By Robert Skidelsky
LONDON ― Economics is the study of economizing, or using the least amount of time and effort to produce the greatest amount of satisfaction. The more we can economize on the use of scarce resources, the more efficient we are said to be in getting what we want. Efficiency is a prized goal because it literally cheapens the cost of living. Cheapness in obtaining the goods and services we want is thus the key to a better life.
Efficiency lies at the heart of trade theory. In the early 19th century, the economist David Ricardo argued that each country should concentrate on making what it could produce at the lowest relative cost.