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TeachMeFinance.com - explain placebo effect placebo effect The term 'placebo effect' as it applies to the area of drug testing can be defined as ' A physical or emotional change, occurring after a substance is taken or administered, that is not the result of any special property of the substance. The change may be beneficial, reflecting the expectations of the participant and, often, the expectations of the person giving the substance'. Previous 5 Terms: PL Place in service place value placebo placebo controlled study Next 5 Terms: Placed placentiform placentigerous placer deposits placer mine About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.