Estimation

Chapter 4: Estimation ,[object Object],Sample information Population parameters Inferences

Point and interval estimates ,[object Object],[object Object],[object Object],[object Object]

Criteria for good estimates ,[object Object],[object Object],[object Object],[object Object]

Bias and precision – a possible trade-off True value

Estimating a mean (large samples) ,[object Object],[object Object],[object Object],[object Object]

The 95% confidence interval ,[object Object],[object Object],[object Object]

The 95% probability interval 

The 95% confidence interval 

Example: estimating average wealth ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],Example: estimating average wealth (continued)

What is a confidence interval? One sample out of 20 (5%) does not contain the true mean, 15.

Estimating a proportion ,[object Object],[object Object],[object Object],[object Object]

Example: unemployment ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],Example: unemployment (continued)

Estimating the difference of two means ,[object Object]

Same principles as before… ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],Calculating point estimate CE: AQ: We have introduced the caption “Calculating point estimate”. Please confirm if it is ok.

[object Object],[object Object],Confidence intervals CE: AQ: We have introduced the caption “Confidence intervals”. Please confirm if it is ok.

Using different confidence levels ,[object Object],[object Object],[object Object]

Estimating the difference between two proportions ,[object Object]

Estimation with small samples: using the t distribution ,[object Object],[object Object],[object Object],[object Object]

Example: beer expenditure ,[object Object],[object Object]

[object Object],[object Object],Example: beer expenditure (continued)

Summary ,[object Object],[object Object],[object Object]

Estimation

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