Well, I suppose it would depend on the specific methodology of the study. What I'm wondering about is if the doctor prescribing it had no idea there were such a thing in play. Honestly I can't think of any way it could be done without creating an ethical dilemma but maybe a creative researcher could figure that out. With my admittedly limited understanding of the effect I would guess that it would produce the exact same result as if it were just the patient who thought it was a real drug.
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Well there is something to be said about how much people can pick up without realizing it. Because of this, I think it's possible that if the person administering a placebo knew it was a placebo, the person receiving it could pick up on that somehow.
As long as the doctor that is administering the dose is aware that it could be a placebo then I don't think there is any ethical dilemma as placebos are usually only used in studies. (Unless you're Doctor House from the show House M.D.)