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A famous statistician has developed 7 different estimators to compute an estimate of an unknown population parameter (mean, variance, or whatever). Unfortunately, she has discovered that some of them are biased estimators based on Monte Carlo simulations of each estimator. The Monte Carlo results are summarized in the table below. Estimator Bias Variance A 1.67 1.36 B 1.75 1.21 C 1.33 1.98 D 1.42 1.51 E 1.47 1.29 F 1.52 1.22 G 1.48 1.32 a) Among the 7 estimators, which would you recommend to the famous statistician? Why? b) The Monte Carlo simulation for estimator D was computed incorrectly. When re-computed, the results are bias = 1.29, variance = 1.52. Does this change your decision in part a? Why or why not?

A famous statistician has developed 7 different estimators to compute an estimate of an unknown population parameter (mean, variance, or whatever). Unfortunately, she has discovered that some of them are biased estimators based on Monte Carlo simulations of each estimator. The Monte Carlo results are summarized in the table below. Estimator Bias Variance A 1.67 1.36 B 1.75 1.21 C 1.33 1.98 D 1.42 1.51 E 1.47 1.29 F 1.52 1.22 G 1.48 1.32 a) Among the 7 estimators, which would you recommend to the famous statistician? Why? b) The Monte Carlo simulation for estimator D was computed incorrectly. When re-computed, the results are bias = 1.29, variance = 1.52. Does this change your decision in part a? Why or why not?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A famous statistician has developed 7 different estimators to compute an estimate of an unknown population parameter (mean, variance, or whatever). Unfortunately, she has discovered that some of them are biased estimators based on Monte Carlo simulations of each estimator. The Monte Carlo results are summarized in the table below. Estimator Bias Variance A 1.67 1.36 В 1.75 1.21 1.33 1.98 D 1.42 1.51 1.47 1.29 F 1.52 1.22 G 1.48 1.32 a) Among the 7 estimators, which would you recommend to the famous statistician? Why? b) The Monte Carlo simulation for estimator D was computed incorrectly. When re-computed, the results are bias = %3D 1.29, variance = 1.52. Does this change your decision in part a? Why or why not? %3D
Transcribed Image Text:A famous statistician has developed 7 different estimators to compute an estimate of an unknown population parameter (mean, variance, or whatever). Unfortunately, she has discovered that some of them are biased estimators based on Monte Carlo simulations of each estimator. The Monte Carlo results are summarized in the table below. Estimator Bias Variance A 1.67 1.36 В 1.75 1.21 1.33 1.98 D 1.42 1.51 1.47 1.29 F 1.52 1.22 G 1.48 1.32 a) Among the 7 estimators, which would you recommend to the famous statistician? Why? b) The Monte Carlo simulation for estimator D was computed incorrectly. When re-computed, the results are bias = %3D 1.29, variance = 1.52. Does this change your decision in part a? Why or why not? %3D
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