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:

Analyzing Audience

The process of examining and understanding the characteristics, needs, and preferences of the intended recipients of a message or product.

Effective Closing

This refers to the final part of a communication or presentation that is designed to reinforce the main message and motivate the audience to take a desired action.

Audience Interested

A group of individuals who show curiosity or engagement in a particular topic, event, or product.

Communication Skills

The ability to convey or exchange information effectively through various means, including verbal, non-verbal, written, and digital channels.