9/11/2013
Econ 414, Fall 2013
RATIKA NARAG, PhD
Point versus Interval Estimation
We use sample data to estimate unknown
parameters. E.g., if X follows the normal
distribution, we want to know the value of the
mean and variance (unknown parameters)
is an e
9/2/2013
Econ 414, Fall 2013
Dr. RATIKA NARAG
Estimators and Estimates
Typically, we cant observe the full
population, so we must make inferences
based on estimates from a random sample
An estimator is just a mathematical formula
for estimating a populati