Statistical significance is not real-world significance — Real-World Economics Review Blog

from Lars Syll As shown over and over again when significance tests are applied, people have a tendency to read ‘not disconfirmed’ as ‘probably confirmed.’ Standard scientific methodology tells us that when there is only say a 10 % probability that pure sampling error could account for the observed difference between the data and the […]

via Statistical significance is not real-world significance — Real-World Economics Review Blog

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