Psy-Kosh comments on Case study: abuse of frequentist statistics - Less Wrong
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Wait... actually it may even be worse than that. I'm not even sure it's cleanly partitioning the outcome space. 1/20 = .05, so if some outcomes are above .05, then other outcomes would have to be below .05, right?
So the calculation to get the final result doesn't even really do a proper partitioning of the outcomes if some of the outcomes can be greater than .05 and none less than .05
EDIT: so yeah, it's cutting up not just the outcome space into pieces corresponding to rankings, but mushing some of those together (at best).