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Unformatted text preview: • It is consistent but it is biased Sample mean, diff. btw sample means, and sample proportion are consistent (and unbiased?) o Relative Efficiency Theta is a generic population parameter/sample statistic – the general case has less sampling error than Both are unbiased, but sample mean has less sampling error than the sample median Sample mean is more efficient Lecture 24: Estimation: Estimating when Known • Example o Might want to know mean of survey and variability in population • N is greater than 30, should be a bell curve o Best estimate of sample mean, but could be smaller, could be bigger • Alpha – convention is .05 – 95% sure • UnStandardize , we do assume that the Central Limit Theorem still applies • Income Example o 95% sure that the mean will be between the two numbers • Interval and its Interpretation o Xbar is variable so it would affect interpretation, the interval is random •...
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This note was uploaded on 11/09/2011 for the course ECO 220 taught by Professor Tanaka during the Fall '11 term at University of Toronto Toronto.
 Fall '11
 tanaka
 Economics

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