Type 1 and type 2 error

TYPE I AND II ERROR: There are many factors taken into consideration while evaluating relative seriousness of Type II and I errors. What if one is a victim of circumstance where drugs that are currently available are not efficient? This may make one reassess the seriousness of Type II and I errors. In conclusion that a drug may not be safe and indeed it is (Type I error) turns out to be a serious error as it denies an individual a chance to get a new drug that may save his/her life. For instance, if a drug significantly raises the rate of tumor, a person may agree to an increasing risk of building cancer in exchange for having control over blood pressure. If a method that maximizes power is used there is a declared risk of significance increase in the rate of tumor which is small to prevail over the likely benefits of a new drug (Schinka el. al, 2003)
Similarly, if an individual is a prospective customer of a new drug, what between the Type II and I error would one consider serious? The first response will be that it is a serious making a type II error by declaring a drug that is not safe to be safe. After deciding that this error is serious, an individual should take into consideration methods of decreasing the likelihood of committing such an error. A way of increasing such an error is by maintaining alpha and decreasing beta. This means that an individual may be willing to give up an increasing Type I error for a decreasing risk of Type II error. However, it is possible to maintain alpha while increasing beta.
References
Schinka J. et al, 2003. Handbook of Psychology, Research Methods in Psychology