Consider avoiding the .05 significance level
  It is suggested that some shortcomings of Null Hypothesis Significance Testing (NHST), viewed from the perspective of Bayesian statistics, turn benign once the traditional threshold p value of .05 is substituted by a sufficiently smaller value. To illustrate, the posterior probability of H0 stating P=.5, given data that just render it rejected by NHST with a p value of .05 (and a uniform prior), is shown here to be not much smaller than .50 for most values of N below 100 (and even exceeds .50 for N>=100); in contrast, with a p value of .001 posterior probability does not exceed .06 for N<=100 (neither .25 for N<9000). Yet more interesting, posterior probability becomes quite independent of N with a p value of .0001, hence practically satisfying the alpha postulate - set by Cornfield (1966) as the condition for p value being a measure of evidence in itself. In view of the low prospect that most researchers will soon convert to use Bayesian statistics in any form, we thus suggest that researchers who elect the conservative option of resorting to NHST be encouraged to avoid as much as possible using a p value of .05 as a threshold for rejecting H0. The analysis presented here may be used to discuss afresh which level of threshold p value seems to be a reasonable, practical substitute. 
David Navon and Yoav Cohen
stat.OT