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Recall: Desirable properties for parameter estimates

Recall: Desirable properties for parameter estimates. On average, you are right. (note: you can be wrong every time yet be right on average). You may be wrong, but you get better. You are more sure of yourself than anyone else.

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Recall: Desirable properties for parameter estimates

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  1. Recall: Desirable properties for parameter estimates On average, you are right. (note: you can be wrong every time yet be right on average) You may be wrong, but you get better. You are more sure of yourself than anyone else. (note: “sure” is not the same as “right”– one can be very sure that one is very wrong)

  2. Unbiased and Consistent Estimator

  3. Unbiased and Inconsistent Estimator

  4. Biased but Consistent Estimator

  5. Biased and Inconsistent Estimator

  6. Efficient and Inefficient Estimators

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