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How to Choose the Level of Significance: A Pedagogical Note

Kim, Jae (2015): How to Choose the Level of Significance: A Pedagogical Note.

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Abstract

The level of significance should be chosen with careful consideration of the key factors such as the sample size, power of the test, and expected losses from Type I and II errors. While the conventional levels may still serve as practical benchmarks, they should not be adopted mindlessly and mechanically for every application.

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