Glossary of economics research
Results of search for significance follow:
significance:
A finding in economics may be said to be of economic significance (or
substantive significance) if it shows a theory to be useful or not
useful, or if has implications for scientific interpretation or policy
practice (McCloskey and Ziliak, 1996). Statistical significance is property
of the probability that a given finding was produced by a stated model but at
random: see significance level.
These meanings are different but sometimes overlap. McCloskey and Ziliak
(1996) have a substantial discussion of them. Ambiguity is common in
practice, but not hard to avoid. (Editorial comment follows.) When the
second meaning is intended, use the phrase "statistically
significant" and refer to a level of statistical significance or a
p-value. Avoid the aggressive word "insignificant" unless it
is clear whether the word is to be taken to mean substantively
insignificant or not statistically significant.
Source: McCloskey, Deirdre N., and Stephen T. Ziliak. "The standard
error of regressions," Journal of Economic Literature vol XXXIV
(March 1996), pp 97-114.
Contexts: phrases; statistics; econometrics; estimation
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