If There Are Two Unbiased Estimators of a Population Parameter

question 11

Multiple Choice

If there are two unbiased estimators of a population parameter available,the one that has the smallest variance is said to be:

• A)a biased estimator.
• B)relatively efficient.
• C)consistent.
• D)relatively unbiased.

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Definitions:

Framing Effects

Framing effects are cognitive biases where an individual's choice is influenced by the way information is presented, rather than just the information itself.

System 1

An automatic, fast, and often unconscious way of thinking, as described in dual-process theories of cognition.

Framing Effects

The influence on decision-making and judgment caused by the way information is presented, where different phrasing, presentation, or context can significantly alter individuals' choices.

Self-Serving Bias

A cognitive bias where individuals attribute positive outcomes to their own actions but negative outcomes to external factors.