Lecture 25: Point Estimation and Unbiased Estimators Flashcards
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)
