Question: This week we are learning about setting a criteria for making a decision based on the evidence that is presented.Whenever we make a decision, there

This week we are learning about setting a criteria for making a decision based on the evidence that is presented.Whenever we make a decision, there is a chance that we are wrong.Convention in Psychology is to accept a 5% risk of being wrong.Do you think that is too high of a risk to take?Why?What costs are there is we are to lower the risk to 1%?

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