4min chapter

Data Skeptic cover image

Defending the p-value

Data Skeptic

CHAPTER

How Much Is One Gram Per Ton of Rock?

In some areas, we are quite happy to make errors. In fact, scientists making errors is no big deal at all. If your false positive is cheap and the true positive is valuable, we should never be worried about false positives. It's really just balancing the relative cost of being right and being wrong. The famous investor, yo, he also considers himself like a philosopher. And one of the famous quotes from your sorrows, it's not whether you are right or you're wrong. That's important is how much money you lose when youare wrong and how much money yo make when you are right.

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