ECON10005 Lecture Notes - Lecture 1: Categorical Variable, Time Series, Frequency Distribution
27 Jul 2018
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Document Summary
The practice of statistics is the study of information specifically the study of information that"s embedded in what we observe in the world. Inferential statistics: using observations to say something about the population from which they"re drawn. Interval data (numerical) measurements/observations where the difference between two values is meaningful. Measurements/observations that fall into a set of mutually exclusive categories. Measurements/observations that posses a natural ordering/ranking but the difference between values is not informative (e. g. ) preferential voting. Statistic: rule for combining data known function of the data. Summarising the information to a smaller value, without losing too much information (e. g. ) average. Since data reduction involves combining observations we"ll see many statistics that are characterised by sums, in the form x1 + x2 + + xn. As notational shorthand sums are expressed in sigma/summation notation: Note: if ever unsure, simply replace the sigma notation with the sum written in long form and work on that.
