Dear all,
I am running a regressing distance to input markets on household crop diversity (number of crops grown). The result show that reducing distance to an input market increases crop diversity by 0.15%. Assuming the average crop diversity is 8 it would imply a marginal increase of 0.0015*8=0.012 crops when distance reduces by one kilometre. This is significant but the marginal increase is less than a crop. Is there a solution to make the coefficient more meaningful?
Prof Dr Medhat touch the philosophy of significance.
Dear James
You can use multivariate techniques
Like FDA, PCA.... as long as you have crop diversity.
I think it will remain as it is, significant but not important! Significant means that the value is repeatable, but it's magnitude of importance is still low.This looks like significant correlation such as r=.5 it is significant, but not important! Why, because we do look for the variance which is here only 25% !! So, if someone in his study cares for this value that is ok, but it is only 25% of total variables!
go through this article
https://stats.stackexchange.com/questions/245039/r-linear-regression-very-small-coefficient-and-r-squared-but-significant-p-val
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