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Activity Number: 39 - Methods in Financial Risk Assessment
Type: Contributed
Date/Time: Sunday, July 30, 2017 : 2:00 PM to 3:50 PM
Sponsor: Section on Risk Analysis
Abstract #323866 View Presentation
Title: Beyond P-Values: Hypothesis Testing Based on the BIC Model Selection Criterion
Author(s): Stanley Sclove* and Robert F Bordley
Companies: Univ of Illinois At Chicago and Booz Allen Hamilton
Keywords: hypothesis testing ; p-value ; Bayesian Information Criterion
Abstract:

In view of recent mounting criticism concerning over-use of p-values, first in the journal Basic and Applied Social Psychology, followed by statements by the American Statistical Association and the American Psychological Association, this paper discusses an alternative approach to hypothesis testing, via the BIC model selection criterion. In particular, those p-values corresponding to some BIC-based tests are computed, with a view toward seeing how much or how little sense the various levels of p-values make. Specifically, one- and two-sample tests in Normal distributions are considered.


Authors who are presenting talks have a * after their name.

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