We make three points in response to Boyce, Daly, Hounkpatin, and Wood (2017). First, we clarify a misunderstanding of the goal of our analyses, which was to investigate the links between life satisfaction and spending patterns, rather than spending volume. Second, we report a simulation study we ran to demonstrate that our results were not driven by the proposed statistical artifact. Finally, we discuss the broader issue of why, in a world of big data, small but reliable effect sizes can be valuable.
Matz, Sandra, J.J. Gladstone, and D. Stillwell. "In a World of Big Data, Small Effects Can Still Matter: A Reply to Boyce, Daly, Hounkpatin, and Wood." Psychological Science 28, no. 4 (March 2017): 547-550.
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