Comment on proposal to lower the p-value threshold to 0.005 by John Ionnidis [outside article]

P values and accompanying methods of statistical significance testing are creating challenges in biomedical science and other disciplines. The vast majority (96%) of articles that report P values in the abstract, full text, or both include some values of .05 or less.¹ However, many of the claims that these reports highlight are likely false.² Recognizing the major importance of the statistical significance conundrum, the American Statistical Association (ASA) published³ a statement on P values in 2016. The status quo is widely believed to be problematic, but how exactly to fix the problem is far more contentious. The contributors to the ASA statement also wrote 20 independent, accompanying commentaries focusing on different aspects and prioritizing different solutions. Another large coalition of 72 methodologists recently proposed⁴ a specific, simple move: lowering the routine P value threshold for claiming statistical significance from .05 to .005 for new discoveries. The proposal met with strong endorsement in some circles and concerns in others.

https://jamanetwork.com/journals/jama/fullarticle/2676503