ECON 221 Lecture Notes - Lecture 7: Point Estimation, Statistical Inference, Statistical Parameter
23 Feb 2018
School
Department
Course
Professor
Document Summary
Econ 221: introduction to statistical methods i newbold 8th edition. Inference: with this chapter we are entering the area of inferential statistics, our focus is on the parameters that characterize populations, our inference about the population parameters will be based on sample statistics. Two possible considerations on how to use the estimates: point estimate. Use the sample to compute a single number as the most representative of the unknown population parameter. On the basis of the estimate, build a confidence interval or range that most likely contains the population parameter. There is no single mechanism for the determination of a uniquely best point estimator in all circumstances. It is not that a particular value (estimate) of is exactly the correct value of . Biased estimator: unbiased estimators studied so far. 3: the sample mean unbiased estimator of : ( xe, the sample proportion unbiased estimator of p : pe. P: the sample variance unbiased estimator of 2 , efficiency.
