Of course we can”t lose sight of the original units of the coefficient (for instance, in the regression above, we have to know that the B1

Of course we can”t lose sight of the original units of the coefficient (for instance, in the regression above, we have to know that the B1 coefficient is measured as “dollars-per-barrel-of-gasoline/dollars-per-barrel-of-crude-oil”. But we can also change the units into “standard errors” so that we can ask, of the beta estimate, how many standard errors it is away from zero. If it is not very far from zero then we might ignore it; if it is far away from zero then we might consider it important. But how far is “far”?

 
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