One of the Earlier Textbooks in Econometrics, First Published in 1971

question 26

Essay

One of the earlier textbooks in econometrics, first published in 1971, compared "estimation of a parameter to shooting at a target with a rifle. The bull's-eye can be taken to represent the true value of the parameter, the rifle the estimator, and each shot a particular estimate." Use this analogy to discuss small and large sample properties of estimators. How do you think the author approached the n → ∞ condition? (Dependent on your view of the world, feel free to substitute guns with bow and arrow, or missile.)

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Definitions:

Self-Interest

The pursuit of personal gain or advantage, where individuals prioritize their own needs, desires, or benefits.

Altruism

The principle or practice of concern for the welfare of others, often manifested by selfless acts.

Utilitarianism

A moral theory that advocates for actions that maximize happiness or benefit for the greatest number of people.

Ethical Leadership

Leadership that is guided by respecting ethical principles and values, and making decisions that are moral and fair.