There is a third way of implementing probability models and practicing. This
is to answer questions put in terms of observables. This eliminates frequentist
hypothesis testing and Bayes factors and it also eliminates parameter
estimation. The Third Way is the logical probability approach, which is to make
statements $\Pr(Y \in y | X,D,M)$ about observables of interest $Y$ taking
values $y$, given
... [Show full abstract] probative data $X$, past observations (when present) $D$ and
some model (possibly deduced) $M$. Significance and the false idea that
probability models show causality are no more, and in their place are
importance and relevance. Models are built keeping on information that is
relevant and important to a decision maker (and not a statistician). All models
are stated in publicly verifiable fashion, as predictions. All models must
undergo a verification process before any trust is put into them.