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Econometrics > Week 2 > Flashcards

Week 2 Flashcards

1
Q

What is statistics used for?

A

Statistics are crucial for learning about the population of interest using a random sample from the population

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2
Q

What is estimation?

A

Estimation is computing a ‘best guess’ numerical value for an unknown characteristic of a population distribution from a sample of data

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3
Q

What is inference?

A

Inference is making a decision about the set of parameter values which is reasonable for the parameters of the population

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4
Q

What is an estimator?

A

Estimator is a function of a random sample that takes values in the parameter space

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5
Q

What is an estimand?

A

Estimand is a non random feature of the population.

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6
Q

What is an estimate

A

Estimate is the realized value of the estimator for the particular random sample at hand.

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7
Q

What is the formula for sample average?

A
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8
Q

When is an estimator unbiased?

A
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9
Q

If we have 2 unbiased estimators, which one of them is more efficient, the one that has less variance or more variance?

A

Less

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10
Q

When is an estimator consistent?

A
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11
Q

When is sampling average an unbiased estimator for population mean?

A
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12
Q

What does sample mean being BLUE mean? and what does sample mean minimise?

A
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13
Q

What are the 2 reasons that differences between sample averages and hypothesized value may arise?

A
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14
Q

In large samples due to CLT, what is an approximation for a normal distribution?

A
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15
Q

What is the formula for an estimator of a sample variance?

A
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16
Q

What is the estimator of the standard deviation of Y called and what is it’s formula?

A
17
Q

What is the formula for t-stat?

A
18
Q

With large random sample due to CLT the t-stat is approximately same as what distribution?

A

Normal

19
Q

At the 5% Significance level, what is the decision if t-stat is greater than 1.96

A

Reject

20
Q

If t-stat is greater than 1.96, the population mean is ?

A

Statistically Significant at the 5% significance level

21
Q

What are the 2 errors in hypothesis testing

A
  • Ho is True but we reject Ho (Type 1)
  • Ho is False but we fail to reject Ho (Type 2)
22
Q

How to test a hypothesis about the population using a large random sample from population

A
  1. State hypothesis
  2. Calculate the t-stat
  3. Reject if t-stat is greater than critical value
23
Q

When do we reject p-value

A

If p-value is less than significance level

24
Q

What is the formula for a 95% confidence interval?

A
25
Q

What does a confidence interval tell us?

A

A confidence interval tells us for the confidence level of the intervals, would contain the true value ‘however many % of the confidence level’ of the random samples.

26
Q

write hypothesis test if the average earnings of men and women is different.

A
27
Q

For the hypothesis test if the average earnings of men and women is different, write the estimator of the sample mean according to CLT.

A
28
Q

For the hypothesis test if the average earnings of men and women is different, what is the standard deviation formula?

A
29
Q

For the hypothesis test if the average earnings of men and women is different, what is the standard error formula?

A
30
Q

For the hypothesis test if the average earnings of men and women is different, what is the t-stat formula?

A
31
Q

For the hypothesis test if the average earnings of men and women is different, what is the 95% confidence interval?

A
32
Q

What is the formula for sample covariance?

A
33
Q

What is the formula for sample correlation coefficient?

A

Econometrics (4 decks)

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