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Bonferroni correction for multiple correlation tests

On Wed, Aug 29, 2012 at 6:48 PM, R. Michael Weylandt
<michael.weylandt at gmail.com> wrote:
I am happy to be corrected, but under specific situations, I can see
an alternative correction method being appropriate.  For p variables,
the p x p correlation matrix has p * (p - 1) / 2 unique correlations,
however, once you know about some of the correlations, you actually
have some information about the other correlations.

Imagine the situation where p = 3 and cor(p1, p2) = .9, cor(p2, p3) =
0.  Is cor(p1, p3) free to be any possible correlation?  The answer of
course is no.  I am not sure what the exact rule would be, but this
would hold and increase for larger matrices.