Statistical Inference: Estimation - Point and Interval Estimation
6 important questions on Statistical Inference: Estimation - Point and Interval Estimation
Which two types of estimations for a parameter are there?
- Point estimation: a single number is the best estimation for a parameter value.
- Interval estimation: an interval of numbers around the point estimate that contains the parameter value (called a confidence interval).
What is an estimator and what does it have to contain to be a good one?
- A sampling distribution that is centred around the parameter
- A standard error as small as possible.
How do the estimator's sampling distributions look like when they are unbiased and when they are biased?
When an estimator's sampling distribution is biased, it tends to under- or overestimate the parameter.
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When would you call an estimator efficient?
What is a confidence interval?
What is the margin of error?
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