Bayes factors vs. P-values

George Assaf, A. and Tsionas, Mike (2018) Bayes factors vs. P-values. Tourism Management, 67. pp. 17-31. ISSN 0261-5177

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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.

Item Type: Journal Article
Journal or Publication Title: Tourism Management
Additional Information: This is the author’s version of a work that was accepted for publication in Tourism Management. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Tourism Management, 67, 2018 DOI: 10.1016/j.tourman.2017.11.011
Uncontrolled Keywords: /dk/atira/pure/subjectarea/asjc/3300/3313
Subjects:
Departments: Lancaster University Management School > Economics
ID Code: 89595
Deposited By: ep_importer_pure
Deposited On: 31 Jan 2018 13:22
Refereed?: Yes
Published?: Published
Last Modified: 27 Feb 2020 04:06
URI: https://eprints.lancs.ac.uk/id/eprint/89595

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