placebo effect vs outcome

placebo effect and outcome both are nouns.

Word	Noun	Adjective	Verb	Adverb
placebo effect	Yes	No	No	No
outcome	Yes	No	No	No

As nouns, outcome is a hypernym of placebo effect; that is, outcome is a word with a broader meaning than placebo effect:

placebo effect: any effect that seems to be a consequence of administering a placebo; the change is usually beneficial and is assumed result from the person's faith in the treatment or preconceptions about what the experimental drug was supposed to do; pharmacologists were the first to talk about placebo effects but now the idea has been generalized to many situations having nothing to do with drugs
outcome: a phenomenon that follows and is caused by some previous phenomenon

Other hypernyms of placebo effect include consequence, effect, event, issue, result, upshot.

placebo effect (noun)	outcome (noun)
any effect that seems to be a consequence of administering a placebo; the change is usually beneficial and is assumed result from the person's faith in the treatment or preconceptions about what the experimental drug was supposed to do; pharmacologists were the first to talk about placebo effects but now the idea has been generalized to many situations having nothing to do with drugs	something that results
	a phenomenon that follows and is caused by some previous phenomenon