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Introduction to Estimation-ECO6416

Introduction to Estimation-ECO6416 - Estimators of...

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Introduction to Estimation To estimate means to esteem (to give value to). An estimator is any quantity calculated from the sample data which is used to give information about an unknown quantity in the population. For example, the sample mean is an estimator of the population mean μ . Results of estimation can be expressed as a single value; known as a point estimate, or a range of values, referred to as a confidence interval. Whenever we use point estimation, we calculate the margin of error associated with that point estimation.
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Unformatted text preview: Estimators of population parameters are sometimes distinguished from the true value by using the symbol 'hat'. For example, true population standard deviation σ is estimated from a sample population standard deviation. Again, the usual estimator of the population mean is = Σ x i / n, where n is the size of the sample and x 1 , x 2 , x 3 ,....... ,x n are the values of the sample. If the value of the estimator in a particular sample is found to be 5, then 5 is the estimate of the population mean µ....
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