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Lecture 4

Lecture 4. Econ 488. Ordinary Least Squares (OLS). Objective of OLS  Minimize the sum of squared residuals: where Remember that OLS is not the only possible estimator of the β s. But OLS is the best estimator under certain assumptions…. Classical Assumptions.

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STA 291 Fall 2009

STA 291 Fall 2009. Lecture 14 Dustin Lueker. Statistical Inference: Estimation. Inferential statistical methods provide predictions about characteristics of a population, based on information in a sample from that population Quantitative variables Usually estimate the population mean

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Estimation

Estimation. Samples are collected to estimate characteristics of the population of particular interest. Parameter – numerical characteristic of the population (i.e. m , s ) Distributional characteristics – pdf and cdf

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