Applied Statistics for Economics and Business by Durmuş Özdemir

Author:Durmuş Özdemir
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

Thus the sample mean and the first sample observation estimators are unbiased. However the smallest sample observation estimator is biased. We also need precision in our estimator. Unlike bias, precision is a relative concept and it involves comparing one estimator to another. For example the sample mean is more precise then other estimators because taking single sample observation means that it is likely to be unrepresentative of the population as a whole, and thus leads to a poor estimate of population mean. The sample mean therefore is a more precise estimator of population mean. Precision therefore can be defined in terms of variance. If an estimator has a smaller variance compared to another estimator then the estimator with the smaller variance is more precise.The probability distribution of the sample mean is;

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