Bayes factors vs. P-values

Bayes factors vs. P-values The use of p-values for hypothesis testing has always been the norm in the tourism literature. This paper proposes the use of Bayes factors as an attractive alternative for hypothesis testing. As the Bayes factor is based on the Bayesian approach, which relies solely on the observed sample to provide direct probability statements about the parameters of interest, it is more suited for the purpose of hypothesis testing. Importantly, in this paper we show that the Bayes factor has nicer properties than the p-value, a fact that should be of interest irrespective of whether the user is Bayesian or not. We discuss in more details the advantages of Bayes factors, and provide several interesting recommendations throughout the paper. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Tourism Management Elsevier

Bayes factors vs. P-values

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Publisher
Elsevier
Copyright
Copyright © 2017 Elsevier Ltd
ISSN
0261-5177
D.O.I.
10.1016/j.tourman.2017.11.011
Publisher site
See Article on Publisher Site

Abstract

The use of p-values for hypothesis testing has always been the norm in the tourism literature. This paper proposes the use of Bayes factors as an attractive alternative for hypothesis testing. As the Bayes factor is based on the Bayesian approach, which relies solely on the observed sample to provide direct probability statements about the parameters of interest, it is more suited for the purpose of hypothesis testing. Importantly, in this paper we show that the Bayes factor has nicer properties than the p-value, a fact that should be of interest irrespective of whether the user is Bayesian or not. We discuss in more details the advantages of Bayes factors, and provide several interesting recommendations throughout the paper.

Journal

Tourism ManagementElsevier

Published: Aug 1, 2018

References

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