- A group of mathematicians has been trying for years to have a core statistical concept debunked. Now, the Supreme Cout might have done it for them.
Last month, the court considered a case brought by investors in Matrixx Initiatives Inc. They alleged the company failed to disclose material information by neglecting to reveal it had received reports an over-the-counter medicine, Zicam Cold Remedy, caused a loss of sense of smell.
When those reports came to light, the company's stock fell. Eventually, the Food and Drug Administration warned consumers not to use certain Zicam products
The company argued in court that the initial reports of the possible side effect didn't rise to the level of "statistical significance," and therefore didn't need to be disclosed.
A point on which most statisticians agree is that "statistical significance" is difficult to explain
and be sure to see the blog A Statistical Test Gets Its Closeup