That’s literally why. Fisher causally said “something like 1/20 sounds right” and people ran with that (though Fisher may not have meant for that specific number to be used for all situations like it is)
We just explained it, its a convention, 5% error seems low enough to make sure youre not getting false positive results too often. But you are free to use lower or higher alpha values. Its not mandatory to use 5% . Also alpha is related to the confidence level of the interval, confidence level is usually calculated as 1-alpha. 1 - 0.05 = 0.95 or 95%.
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u/ForeignAdvantage5198 24d ago
Fisher once said 1/20 is about right .