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:

Power Imbalances

Situations where one party has more control or influence over another, potentially leading to unfair practices or unequal treatment.

Forces

Factors or influences that cause change in behavioral or situational dynamics within individual, group, or organizational levels.

Potential Resource

An asset or input that could provide value or benefit to an organization or project if properly leveraged or utilized.

Network

A system of interconnected people or things, facilitating communication, sharing, and resource exchange.