Abandon Statistical Significance?

[From the abstract of a recent working paper by Blakeley McShane, David Gal, Andrew Gelman, Christian Robert, and Jennifer Tackett.]
“In science publishing and many areas of research, the status quo is a lexicographic decision rule in which any result is first  required to have a p-value that surpasses the 0.05 threshold and only then is consideration—often scant—given to such factors as prior and related evidence, plausibility of mechanism, study design and data quality, real world costs and benefits, novelty of finding, and other factors that vary by research domain. There have been recent proposals to change the p-value threshold, but instead we recommend abandoning the null hypothesis significance testing paradigm entirely, leaving p-values as just one of many pieces of information with no privileged role in scientific publication and decision making. We argue that this radical approach is both practical and sensible.”
To read more, click here.

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