Statistical Inference

A. A. Walters
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A. A. Walters: London School of Economics

Chapter 3 in An Introduction to Econometrics, 1970, pp 32-78 from Palgrave Macmillan

Abstract: Abstract The main applications of probability concepts are in sampling. The problem is to distil as much information as we can from a sample of the observations of the process in which we are interested. Consider, for example, the problem of finding the average income (the arithmetic mean income) of ‘families’ in the United Kingdom. Questions of definition immediately arise — terms such as ‘United Kingdom’, ‘family’ and ‘income’ must all be precisely specified. When this is done, we have some 18 million or so families with their associated incomes in the United Kingdom — this is called the ‘population’.

Keywords: Sample Average; Prior Probability; Statistical Inference; Sampling Distribution; Decision Theory (search for similar items in EconPapers)
Date: 1970
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DOI: 10.1007/978-1-349-15277-3_3

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