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I care, and agree with your points. It seems at least part of the fetishization of p < 0.05 has arisen from its common use as the cutoff point in drug clinical
by thedailymail 9y ago
I care, and agree with your points. It seems at least part of the fetishization of p < 0.05 has arisen from its common use as the cutoff point in drug clinical trials, and thus represent a make or break point in a multi-billion dollar industry. There needs to be some predefined standard for such trials to prevent cherry-picking and other games, but as the blog describes, this could have just as easily been a different threshold. Similar observations can also be made about the values used to set study sample size (based on somewhat arbitrary alpha and beta).
The arbitrariness at the heart of the regulatory enterprise may seem disconcerting, but the alternative (no shared standards for evaluating drug efficacy) has also been tried historically, and the result was markets flooded with useless, often dangerous, products many of which nonetheless sold very well.
- avs733 9y ago> It seems at least part of the fetishization of p < 0.05 has arisen from its common use as the cutoff point in drug clinical trials, and thus represent a make or break point in a multi-billion dollar industry. I think that is a bit recursive. Its not so much a fetishization as it is a misunderstanding that results in it being a valuable target. It would be a heck of a lot more useful as a target (and granted...I would argue the target should be more like .001) if more research adopted Bayesian statistical techniques where you can't as easily P hack.