Point Estimation Flashcards

1
Q

Define a point estimator

A

Note: random variables are called estimators, the specific value for a specific sample is the estimate

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2
Q

Describe unbiasedness as a property when measuring the effectiveness of an estimator

A
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3
Q

Describe consistency as a property when measuring the effectiveness of an estimator

A
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4
Q

Describe efficiency as a property when measuring the effectiveness of an estimator

A
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5
Q

Describe standard error as a property when measuring the effectiveness of an estimator

A
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6
Q

Describe the Least Squares Estimator (LSE) method of estimation

A
  • Minimise the sum of (Xi-E(X))2
  • Derive this sum wrt the parameter
  • Set the differential to 0
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7
Q

Describe the Method of moments estimators (MME) method of estimation

A
  • Determine the number of unknown parameters (r)
  • Express r parameters as population moments (θ)
  • Express r parameters as sample moments (θˆ)
  • Express θ^ as functions of the sample moments
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8
Q

Define population moments

A
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9
Q

Define sample moments

A
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10
Q

Define the likelihood function

A
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11
Q

Describe the Maximum Likelihood Estimators (MLE) method of estimation

A

Differentiate L(θ) or lnL(wrt θ and set the derivative to 0

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12
Q

Describe an alternative method for working out the MLE

A

Differentiate l(θ) wrt θ and set the derivative to 0

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