You are contemplating a Ph.D. in business or economics. If you succeed, a life of fame, fortune, and happiness awaits you. If you fail, you’ve wasted 5 years of your life. Should you go for it?

Feature nonstatistical applications of hypothesis testing. For each, identify the hypotheses, define Type I and Type II errors, and discuss the consequences of each error. In setting up the hypotheses, you will have to consider where to place the “burden of proof.”