I am not a fan of using a bright-line significance value (e.g. α = 0.05) and prefer to publish p-values and let the reader decide if the results are important. Given that, I'm looking at different approaches for interpreting the meaning of p-values. It has been suggested by Lombardi and Hurlbert (2009) that an odds-ratio is useful for gauging differences between mean values. The equation is (1-p/2)/(p/2). For example, a p-value of 0.2 between two means indicates that the odds are 9:1 in favor of one mean being larger than the other. Below is a table for a number of generated ratios from various p-values. In my view, a ratio of 19 for a p-value of 0.1 says a good deal about the likelihood that one mean is larger than the other. I would like to know what folks think about this approach for p-value interpretation. I can send the Lombardi and Hurlbert paper via email on request.
Lombardi CM and Hurlbert SH (2009). Misprescription and misuse of one-tailed tests. Austr. Eco. 34, 447–468.
p-value ratio
0.05 39
0.1 19
0.2 9
0.5 3
0.95 1.1
0.99 1.02