Thanks Clyde Schechter for your reply. I thought that increasing Type 2 will automatically reduce Type 1 error. If possible (and if you have time), can you connect the multicollinearity aspects with both errors in a lucid way. You mentioned in the same thread that "You shouldn't be doing significance tests as the nominal results have no discernible connection to actual Type I error rates in this setting". If you any thoughts on these please explain how errors can be affected my multicollinearity.
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