Statistical Significance
Explore the concept of statistical significance and the two sigma rule in economics. Learn how economists evaluate the probability value and aim for a 95% confidence level to minimize the chance of a finding being a fluke. Discover the distinction between statistical significance and economic significance, and how they both play a crucial role in analyzing relationships between variables.In this clip
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EconTalk
Campbell Harvey on Randomness, Skill, and Investment Strategies
Related Questions
I have a question about this episode John Ioannidis on Statistical Significance, Economics, and Replication and this Rethinking Statistical Significance. A researcher is studying mirex contamination in farmed salmon. He first found a 95% confidence interval for the mean concentration to be 0.0834 to 0.0992 parts per million. Later, he rejected the null hypothesis that the mean did not exceed the EPA's recommended safe level of 0.08 ppm based on a P-value of 0.0027. Explain how these two results are consistent, discussing the confidence level, the P-value, and the decision.
What does "statistically significant but clinically trivial" mean? Give me a few examples with numbers to give me a sense of degree, extent, and context relative to one another.
Choose the correct answer below. Suppose we construct a 90% confidence interval for a mean. This is equivalent to a two-tailed hypothesis test with \_\_\_\_\_\_\_ level of significance.