Lecture 25: Point Estimation and Unbiased Estimators Flashcards
(7 cards)
What are the two types of estimators?
Point estimator and interval estimator.
What is the objective of estimation?
To determine the approximate value
of a population parameter on the basis of a sample statistic
What is the purpose of a point estimator?
It draws inference about a population by
estimating the value of an unknown parameter using a single value
or point.
What is the purpose of an interval estimator?
It draws inferences about a population by
estimating the value of an unknown parameter using an interval
Which estimate is more useful?
Interval estimate
What does a point estimate not tell us?
How close the estimate is likely to
be to the parameter.
What type of distribution does a good estimator have?
A sampling distribution that is centered at
the parameter (unbiasedness)
