Chapter 6: 17 October 2006

Tuesday, October 17, 2006

We finished our discussion of sampling discussions by discussing properties of estimators.

An estimator is unbiased if on average the value of the estimator is equal to the parameter it is estimating.
An estimator is consistent if the larger the sample size, the closer is the value of the estimator to the parameter it is estimating.
An estimator is efficient, if it has the smallest variance among other unbiased estimators.