What is alpha and beta, and how do they affect research conclusions?
Alpha is the probability assigned by the analyst that reflects the degree of acceptable risk for rejecting the working hypothesis when in fact the working hypothesis is true. The degree of risk is not interpretable for an individual event or outcome, instead it represents the long-run probability of making a type I error.Beta is a probability assigned by the analyst that reflects the degree of acceptable risk for accepting the working hypothesis when in fact the working hypothesis is false. Similar to the type I error, the degree of risk is not interpretable for an individual event or outcome; instead it represents the long-run probability of making a type II error.
