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If I set up an interaction term between two dichotomous variables, let's say experiment (1= control, 2 = experiment group) and gender (1 = male , 2 = female). If the effect of the interaction term (experiment*gender) on happiness is .46 using regression, does that mean the experiment increased happiness in females more than males?

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Issues of statistical significance aside, that would be the interpretation as long as you had the level effects as well (say if your model also included a constant as well as experiment and gender coefficients).

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