In a World of Big Data, Small Effects Can Still Matter: A Reply to Boyce, Daly, Hounkpatin, and Wood (2017)
Year: 2017
Type: article
Abstract: We make three points in response to Boyce, Daly, Hounkpatin, and Wood (2017). First, we clarify a misunderstanding of the goal of our analyses, which was to investigate the links between life satisfaction and spending patterns, rather than spending volume. Second, we report a simulation study we ran to demonstrate that our results were not driven by the proposed statistical artifact. Finally, we discuss the broader issue of why, in a world of big data, small but reliable effect sizes can be valuable.
Source: Psychological Science
Institutions: University of Cambridge, University College London
Language: English
Subfield: Social Psychology
Field: Psychology
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2597201456