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Parameter estimation: bias and variability

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Is the quality of an estimation procedure (or method) greatly enhanced if the sample statistic is both less variable and unbiased?

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Solution Summary

This 175 word solution discusses bias and variability when estimating a population parameter with a sample statistic.

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To answer this it is important to realize that when we use a procedure to estimate a population parameter with a sample statistic, the value of the sample statistic would vary from sample to sample if we used the procedure repeatedly. The value of sample statistic ...

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