14: Drug Developers' Lessons from Sports: Regression-to-the-Mean
In this engaging episode of "In the Interim...", host Dr. Scott Berry is joined by Dr. Nick Berry to explore the intriguing statistical parallels between sports and drug development, focusing on the concept of "regression-to-the-mean." Presenting examples that seem clear in sports, they discuss how these insights can illuminate the challenges faced in clinical trials and scientific inferences in medical decision making. Whether you're a statistician, drug developer, or sports enthusiast, this episode offers valuable perspectives on data interpretation and statistical phenomena.
Key Highlights:
● Discussion on how lessons from sports can benefit drug developers, emphasizing the concept of regression-to-the-mean.
● Personal anecdotes from Scott and Nick's experiences, illustrating statistical learning through sports.
● Examination of the regression-to-the-mean phenomenon through examples from baseball and golf.
● Exploration of how misunderstanding the regression-to-the-mean can lead to poor decision-making in clinical trials.
● Insights into placebo effects and how they are often confused with natural statistical phenomena.
● How regression-to-the-mean impacts expectations in financial markets and personal finance decision-making.