Question

In: Economics

What does it mean for an estimator to be consistent?

What does it mean for an estimator to be consistent?

Solutions

Expert Solution

Let, be an estimator of with some probability p.

Now, will be a consistent estimator of if with some probability p which means will tend to converge to with some probability p.

Thus, an estimator to be consistent means it will converge to the population parameter i.e with some probability p.


Related Solutions

What does it mean for a system to be consistent? Is incidence geometry consistent? What does...
What does it mean for a system to be consistent? Is incidence geometry consistent? What does it mean for a system to be complete? Is incidence geometry complete?
If an estimator b is consistent for an unknown parameter β,  then plim b = β. Group...
If an estimator b is consistent for an unknown parameter β,  then plim b = β. Group of answer choices True False
Show that the sample mean is an efficient estimator of the population mean for a population...
Show that the sample mean is an efficient estimator of the population mean for a population that is: normal distribution (mu, 1), Bernoulli(p), Exponential(theta), and Geometric(p).
Show the sample mean is an efficient estimator of the population mean for a population that...
Show the sample mean is an efficient estimator of the population mean for a population that is: Bernoulli(p), N(μ,1), Geometric(p), and Exp(λ)
1. The point estimator for the population standard deviation σ is ___ and the point estimator for the population mean μ is ____.
  1. The point estimator for the population standard deviation σ  is ___ and the point estimator for the population mean μ is ____. 2. To estimate the value of a population parameter using a sample, we would calculate... a) a simple random sample, b) a sample statistic, c) a test statistic, d) or both a and b 3. A simple random sample from a finite data set must meet which condition(s)/requirements? a) you may only sample without replacement; sampling with...
1. In general, the sample mean is a better estimator of the population mean for larger...
1. In general, the sample mean is a better estimator of the population mean for larger sample sizes. True False 2. If events  A and  B are not mutually exclusive, then it is possible that  P( A) +  P( B) > 1. True False 3. What method of data collection would you use to collect data for a study where a drug was given to 95 patients and a placebo to another group of 95 patients to determine if the drug has an effect...
What does it mean to have a good life? What does it mean to be a...
What does it mean to have a good life? What does it mean to be a good person?
What does it mean to be "modern" biologically and culturally? What does it mean to be...
What does it mean to be "modern" biologically and culturally? What does it mean to be human? Antropology 101
Example of the estimator of the mean of X which satisfy the following criteria:
Example of the estimator of the mean of X which satisfy the following criteria: 1. unbiased+consistent 2. bias +consistent 3. unbiased + inconsistent 4. biased + inconsistent 5. most efficient estimator of testing mean of X 6. least efficient estimator of testing mean of X
What does it mean to be operating a firm in the "long run?"  What does it mean...
What does it mean to be operating a firm in the "long run?"  What does it mean to be operating a firm in the "short run"?  What are the practical implications for managing a business if you are in "short run?"
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT