Lecture+5+Bayesian+Statistics+II

Lecture+5+Bayesian+Statistics+II - ECON 123A Fall 2011...

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ECON 123A, Fall 2011, Lecture 5 Dale J. Poirier 5-1 Lecture 5 3 Point Estimation
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ECON 123A, Fall 2011, Lecture 5 Dale J. Poirier 5-2 C Frequentist point estimation is based in part on intuitive criteria (e.g., method of moments, maximum likelihood) and the statistical properties of the resulting estimators are addressed indirectly after-the-fact. C Bayesian point estimation begins by announcing a criterion for determining what constitutes a good point estimate, and then derives a method for producing an “optimal” point estimate given the data at hand.
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