There's some debate over whether it's a distinct state or just a form of deep relaxation, but that's pretty much just an argument over wording. You might tell my hypnosis clients, "You fools! It's all in your head!" but then we'll all roll our eyes and say, "Yeah. That's the point."
With the placebo effect, there is a third element (the inert substance) which stands in for a drug which is meant to have an effect regardless of the subject's belief — TheWillowOfDarkness
Where was I when everyone started thinking that was plausible? As I say in my comment, it's precisely the same thing as the placebo effect, or the power of suggestion, and its "effectiveness" can thus be expected to not exceed, but be identical with the placebo effect.
I didn't mention this part, but the "altered state" is achieved by mindful breathing... or is yet just another thing which is synonymous with something mundane. Just relaxation, or calming techniques.
They say that placebos even work when you're told that they're placebos, but I don't think that's the whole story. Either there is a paranoid response in which you don't fully believe that, or you're only told it's a placebo after being told that it is something else.
Is it that you don't believe people can be conditioned to respond in ways that apparently bypass their conscious awarness? — praxis
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