Is 'r' an effect size for the size of the difference in a repeated measures t-test?

I've gotten into a debate about whether r is an effect size for the difference between two within-subjects means. I'm certain it isn't, but the person I'm discussing this with (perfectly pleasantly, I might add), is adamant that it is. They've provided three 'supporting' citations, but to me none of them actually are supporting.

My opinion is that r is an effect size, but of the correlation between the two variables, rather than the size of the difference between the two variables. Thus r could be 1.0, but the size of the difference could be zero.

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