0
A "Good" estimator is the one which provides an estimate with the following qualities:
Unbiasedness: An estimate is said to be an unbiased estimate of a given parameter when the expected value of that estimator can be shown to be equal to the parameter being estimated. For example, the mean of a sample is an unbiased estimate of the mean of the population from which the sample was drawn. Unbiasedness is a good quality for an estimate, since, in such a case, using weighted average of several estimates provides a better estimate than each one of those estimates. Therefore, unbiasedness allows us to upgrade our estimates. For example, if your estimates of the population mean µ are say, 10, and 11.2 from two independent samples of sizes 20, and 30 respectively, then a better estimate of the population mean µ based on both samples is [20 (10) + 30 (11.2)] (20 + 30) = 10.75.
Consistency: The standard deviation of an estimate is called the standard error of that estimate. The larger the standard error the more error in your estimate. The standard deviation of an estimate is a commonly used index of the error entailed in estimating a population parameter based on the information in a random sample of size n from the entire population.
An estimator is said to be "consistent" if increasing the sample size produces an estimate with smaller standard error. Therefore, your estimate is "consistent" with the sample size. That is, spending more money to obtain a larger sample produces a better estimate.
Efficiency: An efficient estimate is one which has the smallest standard error among all unbiased estimators.
The "best" estimator is the one which is the closest to the population parameter being estimated.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is an efficient estimator?
In statistics, an efficient estimator is an estimator that estimates the quantity of interest in some "best possible" manner
An estimator is consistent if as the sample size decreases the value of the estimator approaches the value of the parameter estimated F?
I believe you want to say, "as the sample size increases" I find this definition on Wikipedia that might help: In statistics, a consistent sequence of estimators is one which converges in probability to the true value of the parameter. Often, the sequence of estimators is indexed by sample size, and so the consistency is as sample size (n) tends to infinity. Often, the term consistent estimator is used, which refers to the whole sequence of estimators, resp. to a formula that is used to obtain a term of the sequence. So, I don't know what you mean by "the value of the parameter estimated F", as I think you mean the "true value of the parameter." A good term for what the estimator is attempting to estimate is the "estimand." You can think of this as a destination, and your estimator is your car. Now, if you all roads lead eventually to your destination, then you have a consistent estimator. But if it is possible that taking one route will make it impossible to get to your destination, no matter how long you drive, then you have an inconsistent estimator. See related links.
The standard deviation of a point estimator is called the?
standard error
Which estimator will consistently have a skewed sampling distribution?
Coefficient of varation
What does high values mean?
It refers to a person of good character who has very good qualities.
What is the criteria of a good estimator in econometrics?
Answer this question Critria of good estimator
What are the properties of good estimators?
There are four main properties associated with a "good" estimator. These are: 1) Unbiasedness: the expected value of the estimator (or the mean of the estimator) is simply the figure being estimated. In statistical terms, E(estimate of Y) = Y. 2) Consistency: the estimator converges in probability with the estimated figure. In other words, as the sample size approaches the population size, the estimator gets closer and closer to the estimated. 3) Efficiency: The estimator has a low variance, usually relative to other estimators, which is called relative efficiency. Otherwise, the variance of the estimator is minimized. 4) Robustness: The mean-squared errors of the estimator are minimized relative to other estimators.
What are the good qualities of a precis?
Some of the main qualities of a good precis are completeness, compactness, brevity, clarity, and coherence.
Are free income tax estimators as good as paid estimators?
Yes, a free income tax estimator can be as good as a paid income tax estimator. A tax estimator just allows you to have an estimate of your tax return.
What are the main qualities that a good entrepreneur will need to have to be a success in business?
be a good porn star
Is TurboTax a good tax estimator?
yes, turbo tax is a good tax estimator. this is because you can tally up your mortgage and other tax areas. this can be beneficial for you and your family.
Where could one find a good job as an Estimator?
One can find a good job as an Estimator via the 'Indeed' website where there are many listings for jobs of this type. Listings can also be found on 'Monster' and 'Jobsite'.
Where can I find a good tax refund estimator?
If you want an online, free tax refund estimator you should follow this link to 1040's tax refund calculator: http://www.1040.com/tax-tools/tax-estimator/
What is the correct spelling for estimator?
Estimator is the correct spelling.
What is an efficient estimator?
In statistics, an efficient estimator is an estimator that estimates the quantity of interest in some "best possible" manner
What is another name for sales estimator?
what is another name for estimator
What is the uses of ratio estimator?
what is the use and application of ratio estimator?
