A small investigational drug trial won't be powered to detect outliers, and you won't be able to reliably solve that by invoking Bayesian statistics.
I think in the hypothetical he meant you've already won the lottery, so to speak.
The whole "medical doctors can always consistently treat medical diseases, but psychiatrists are throwing darts blindfolded" story is something of a myth
I agree, too bad for the patients who actually need help that the myth is alive and well. Psychiatry allows for this blind folded dart throwing more though since there are no simple tests, and people might be judging the whole field based on a few incompetent individuals or psychotherapy forms that have stuck for historical reasons. I don't think you can directly compare medications to make the point like they did in that paper, since drugs make up a smaller fraction of psychiatrists' treatment arsenal. Correct me if it's different in the US.
(Take psychodynamic psychotherapy for example and see how popular it is for whatever reason. I doubt you'll find such a popular rotten corpse in medicine.) I was wrong about this one apparently, thanks Yvain. If you do, I suppose it would be some surgical technique. Both psychotherapy and surgery require training so there are greater sunk costs involved.
Psychotherapy seems to work pretty well, and it's not obvious that psychodynamic psychotherapy works less well than other sorts. See http://slatestarcodex.com/2013/09/19/scientific-freud/ . I prefer things more in the CBT vein myself, but the pro-psychodynamics people aren't as helpless and discredited as one might think.
Imagine reading about the following result buried in a prestigious journal:
Now, personally, reading this I would be completely uninterested in the normal result and fascinated by the one, crazy, outlier. Living to the age of 110 is abnormal enough that within 6,666 people selected as a statistical representation of the population, it is extremely unlikely that anyone would live that long, much less continue performing at the apparent health of an 80 year old.
How small would the sample size have to be before you would consider trying the drug yourself, just to see if you, too, lived forever as long as you took it? What adverse effects and hassles would you go through to try it? Would these factors interact to influence your decision (Mild headaches and a pill 4x/day in exchange for maybe apparent eternal life? Sign me up!)
This example is an oversimplification to make a point- often in clinical trials there are odd outliers in the results. Patients who went into full remission, or had a full recovery, or were cured of schizophrenia completely.
In the example above, if the sample size had been 10 people, 9 of whom had no adverse effects and one who lived forever, I would take it. I have been known to try nootropics with little or no proven effect, because there are outliers in their samples who have claimed tremendously helpful effects and few people with adverse effects, and i want to see if I get lucky. I think that if even the right placebo could cause changes which improve my effectiveness, it would be worth a shot.
As far as I know, psychiatrists cannot reliably predict that a given drug will improve a patient's long-term diagnosis, and psychiatrists/psychologists cannot even reliably agree on what condition a patient is manifesting. Mental disorders appear to resist diagnosis and solution, unlike, say, a broken leg or a sucking chest wound. I have learned that Cognitive Behavioral Therapy (CBT) has consistent results against a number of disorders, so I have endeavored to learn and apply CBT to my own life without a psychologist or psychiatrist. It has proven extremely effective and worthwhile.
Here is the topic for discussion: should we trust psychiatric analysis using frequentist statistics and ignore the outliers, or should we individually analyze psychiatric studies to see if they contain outliers who show symptoms which we personally desire? Should we act differently when seeking nootropics to improve performance than we do when seeking medication for crippling OCD? Should we trust our psychiatrists, who are probably not very statistically savvy and probably don't read the cases of the outliers?
Where are the holes in my logic, which suggests that psychiatrists who think like medical doctors/general practitioners have a completely incorrect perspective (the law of averages) for finding and testing potential solutions for the extremely personalized medicinal field of psychotherapy/psychiatry (in which everyone is, actually, an extremely unique snowflake.).
This is more of a thought-provoking prompt than a well-researched post, so please excuse any apparent assertions in the above, all of which is provided for the sake of argument and arises from anecdata.