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What's the value of this value?
03/10/16
"`The p-value was never intended to be a substitute for scientific reasoning,' the ASA’s executive director, Ron Wasserstein, said in a press release."
Note that p-values are metrics, measures of a particular probability under certain assumptions. As usual, the Goal - Question/Signal - Metric framework is appropriate: the goal would be to determine, say, if a new drug is efficacious in the treatment of some condition; the question would be whether or not it could reasonably be concluded to be the cause of some observed effect in some experimental trial; and the p-value would be a metric that would help answer that question.
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