Card experiment - PowerPoint PPT Presentation

Lecture 3

Lecture 3. HSPM J716. Efficiency in an estimator. Efficiency = low bias and low variance Unbiased with high variance – not very useful Biased with low variance -- worthless. A no-variance, reliable estimator?. The 0 estimator. Eyeball vs. Least squares for assignment 1.

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Basic Concepts of Discrete Probability

Basic Concepts of Discrete Probability. Sample Space. When “probability” is applied to something, we usually mean an experiment with certain outcomes . An outcome is any one of the possibilities that may be expected from the experiment.

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