ECON221 Lecture Notes - Unimodality, Minimax, Statistical Parameter
25 Oct 2013
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Document Summary
Lecture 1: define statistics, describe the uses of statistics, distinguish descriptive & inferential statistics, define population, sample, parameter, and statistic, define quantitative and qualitative data, define random sample. What is statistics: define: a methodology for collecting, classifying, summarizing, organizing, presenting, analyzing and interpreting numerical information. Consumer preferences, financial trends: uses of statistics in econ. It"s the methodology that we use to confront theories. The theory of demand and and other testable propositions with the facts. It is the set of procedures and intellectual processes by which we decide whether or not to accept a theory as true. It is the process by which we decide what and what not to believe. A wider belief in the truth" of a particular theory or. To its rejection as inconsistent with the facts. Descriptive & inferential statistics: descriptive statistics. To present that information in a meaningful way. Descriptive statistics lack measure of reliability: inferential statistics.
