• Corpus ID: 239024802

Practical Relevance: A Formal Definition

@inproceedings{Schwaferts2021PracticalRA,
  title={Practical Relevance: A Formal Definition},
  author={Patrick Michael Schwaferts and Thomas Augustin},
  year={2021}
}
There is a general agreement that it is important to consider the practical relevance of an effect in addition to its statistical significance, yet a formal definition of practical relevance is still pending and shall be provided within this paper. It appears that an underlying decision problem, characterized by actions and a loss function, is required to define the notion of practical relevance, rendering it a decision theoretic concept. In the context of hypothesis-based analyses, the notion… 

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