How Sure Can We Be about a COVID-19 Test Result if the Tests Are Not Perfectly Accurate?
Abstract: In this Commentary, we show how the interpretation of test results is affected by a test’s reliability rate. Moreover, we discuss how test fallibility may affect the use of tests as a tool to curb the spread of a disease. In particular, we show how administering inexpensive and less precise tests that can be conducted multiple times may be a more efficient way of curbing the pandemic than administering expensive more precise tests once.
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Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 2021-05-20