Theoretically I would agree. Medical science mostly just tried it in clinical studies. Of paramount important though is that the patient makes the decision to take the risk. This is were economics is lacking in my opinion.
But even if you are sure you got the model right, you still need a long time study to prove it. The current discussion on e-cigs are mostly about informing people that they are taking a risk because there are unanswered questions.
Putting a man on the moon was a lot of risk and there were many unknowns and I am sure the pilots knew that very well. Gladly, they still did it.
> experimental psychology
had precisely the problem that their patients often didn't really have a choice in that matter. So I think the field deserves its place. They might need to shed a lot of hubris before they can be taken seriously again. I wouldn't put economics on that level, but they often seem to gravitate to similar mistakes.