It probably is too lax. I’d settle for 0.01, but 0.005 or 0.001 would be better for most applications (i.e—where you can get it). We have have the whole range of numbers between 1 in 25 and 1 in 3.5 million to choose from, and I’d like to see an actual argument before concluding that the number we picked mostly from historical accident was actually right all along.
Still, a big part of the problem is the ‘p-value’ itself, not the number coming after it. Apart from the statistical issues, it’s far too often mistaken for something else, as RobbBB has pointed out elsewhere in this thread.
It probably is too lax. I’d settle for 0.01, but 0.005 or 0.001 would be better for most applications (i.e—where you can get it). We have have the whole range of numbers between 1 in 25 and 1 in 3.5 million to choose from, and I’d like to see an actual argument before concluding that the number we picked mostly from historical accident was actually right all along. Still, a big part of the problem is the ‘p-value’ itself, not the number coming after it. Apart from the statistical issues, it’s far too often mistaken for something else, as RobbBB has pointed out elsewhere in this thread.