"With statins being such a controversial treatment, among both doctors and patients, the seriousness of this error is particularly pronounced.
The seriousness of these errors is all too familiar in Kentucky.
In 1999, the report "To Err is Human" by the Institute of Medicine alerted the medical fraternity to the seriousness of medical errors and the adverse events that occurred in medical practice [ 4].
Road safety measures aimed to change the road environment to reduce the risks on driver errors and to reduce the seriousness of the effects of driver errors are expected to increase road safety.
In a framework of expected utilities, the balance between type I and type II errors can be clarified with the aid of numerical estimates of the seriousness of the different types of errors.
On the basis of such considerations we can indicate the seriousness of the two types of errors and therefore the costs that should be assigned to false rejections and false acceptances.
The significance of this was clear at the annual meeting of the American Economic Association this month in San Francisco, where several new research papers showed the seriousness of consumer financial errors and the exploitation of them by sophisticated financial service providers.
Perceived seriousness of Type II error (in Experiments 1 and 3) and the error-weighting manipulation (in Experiment 3) predicted study evaluations.
Hence, our decision is also "a function of the importance, in the typically ethical sense, of making a mistake in accepting or rejecting a hypothesis" (1953: 2): we are balancing the seriousness of two possible errors (erroneous acceptance/rejection of the hypothesis) against each other.
