{"id":6169,"date":"2021-09-30T08:29:59","date_gmt":"2021-09-30T08:29:59","guid":{"rendered":"http:\/\/euseguros.pt\/?p=6169"},"modified":"2021-09-30T09:07:45","modified_gmt":"2021-09-30T09:07:45","slug":"what-is-an-estimator","status":"publish","type":"post","link":"https:\/\/euseguros.pt\/en\/what-is-an-estimator\/","title":{"rendered":"What is an estimator?"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.4.3″ hover_enabled=”0″][et_pb_row _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.3″][et_pb_text _builder_version=”4.4.3″ hover_enabled=”0″]<\/p>\n

A point estimate is a mathematical function used from a sample to derive a value like wages or height in the population.<\/p>\n

It is a calculation from a sample taken from the main population, trying to give you a value from tha main population.<\/p>\n

Let’s say we get talke 1.000 people from the whole US population as a sample.<\/p>\n

Here, we define a mathematical funcion (estimator) to derive what is the median wage of the entire population, “estimating” what the median wage of the entire population is.<\/p>\n

 <\/p>\n

[\/et_pb_text][et_pb_image src=”http:\/\/euseguros.pt\/wp-content\/uploads\/2021\/09\/Population-X1-X2-…-Xn.png” _builder_version=”4.4.3″ hover_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.4.3″ hover_enabled=”0″]<\/p>\n

An estimator has 3 main characteristics:<\/p>\n

1. Unbiased: the expected value equals the true value of the population<\/p>\n

2. Consistent: the greater the sample, the more accurate it is.<\/p>\n

3 .Efficient: the most efficient estimator is the one with the smallest variance of all the unbiased and consistent estimators.<\/p>\n

To make calculations\u00a0 with a sample population below is a table showing how to calculate the mean and the standard deviation.<\/p>\n

In rough terms, essentially comes down to using N-1 as the value for the sample population.<\/p>\n

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An estimator or point estimate is a statistic that is used to infer the value of an unknown parameter in a population<\/p>","protected":false},"author":1,"featured_media":6170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[105],"tags":[165,166,163,167,164],"yoast_head":"\nWhat is an estimator? - EU Seguros<\/title>\n<meta name=\"description\" content=\"An estimator or point estimate is a statistic that is used to infer the value of an unknown parameter in a population\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/euseguros.pt\/en\/what-is-an-estimator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is an estimator? 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