operation of a 7-pin lock
And as I said before, the Republican party has become the new Libertarian party.
Estimators are rules for calculating an estimate of a given quantity based on observed data. For instance, a sample mean can be used as an estimator for the population mean, but there exists far more complicated examples as well. Estimators are crucial tools in statistics because they allow to deduce population information from only a limited number of samples.
Some words of caution, though. Some estimators are biased: the estimator’s expected value differs from the true value of the parameter being estimated. Of course, the ideal estimator is therefore unbiased.
Precision is important as well. Estimators with high variance can return an estimate missing the true parameter by a mile. So, if we define an estimator’s precision as the reciprocal of its variance, a high precision implies that practical results are close to the estimator’s expected value (which can still be biased, however).
Albeit subtle in practice, the best estimators should be unbiased and have high precision, in theory.
illustrations by Virgil Finlay
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