How does editing contents affect traffic? For example, if I have a list post having 15 items and I want to change it to 24, how will things change? For the better, i guess. But what about updating an old post and just replacing the items,even if the number of items remain the same? Or even drastically changing the contents in the same post?
When you modify the content, 3 things can happen 
1. nothing changes and all rankings remain the same
2. you will lose some positions because the weight of the keywords in terms of on-site SEO will go down due to more text and changes in the prominent tags
3. you will gain some positions because there will be more keywords that you might rank for from now on
In case you have an established site with strong backlink profile and you add content that is in par with the niche of the site, you are likely to gain better positions.
In many cases, the changes are kinda natural, so it won't have a big effect on the rankings... think about homepages of websites, for example, there are updates frequently as new content get's posted and still, they keep on ranking for the same keywords.
As you know, there are many factors that google uses to rank websites, so it's not just about the content and it's very hard to give you a more accurate answer for your question.