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State the desirable properties of estimators. What are point and interval estimations?

State the desirable properties of estimators. What are point and interval estimations?

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Answer #1

desirable properties of estimators:

  • unbiasedness
  • consistency
  • sufficiency
  • minimum mean square error

point estimations: using the sample observations create a statistic, the value of it can be used to estimate the population parameter

ex: mean of normal population can be estimated by sample mean

interval estimations: using the sample observations create an random interval, say with certain confidence the true value of population parameter will lie in that interval

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