We call this process getting a guess for the

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Unformatted text preview: imators. We call this process getting a guess for the population parameter via the use of an estimator Point Estimation. This is as opposed to Interval Estimation (we will get to this.) It is called point estimation because you get one number for a guess. Point Estimation An point estimator is a rule or formula which produces a point estimate for the unknown population parameter. A (point) estimate is the numerical value produced by the estimator with a specific sample: The estimate is the guess produced by the application of the estimator with the sample values at hand. Estimator is a formula or rule and estimate is a number. Same estimator produces different estimates with different samples drawn from the same population. Example: x for the heights of this classroom (not a random sample, though) is an ¯ estimate for the average height of American youth. You go to the next classroom and you get a different x . Different sample, different number. . . ¯ Utku Suleymanoglu (UMich) Sampling Distributions 5 / 21 Introduction Examples for Estimators 1 2 Another estim...
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This note was uploaded on 03/17/2014 for the course ECON 404 taught by Professor Staff during the Spring '08 term at University of Michigan.

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