I could please use some help with the following problem; I have a choice between

Question

I could please use some help with the following problem;     I have a choice between five pointestimates of a parameter k. Describe in detail how you would decidewhich of the five estimates to use. ( Hint: We have someprinciples that tell us what to do here.)                       Thank you, bigd I could please use some help with the following problem;     I have a choice between five pointestimates of a parameter k. Describe in detail how you would decidewhich of the five estimates to use. ( Hint: We have someprinciples that tell us what to do here.)                       Thank you, bigd

Explanation / Answer

First identify which estimator/s among the five pointestimators is/are unbiased. If unbiased estimator is identified as unique, then it is therequired good estimator. If more than one unbiased estimators exist, then compare thevariance of those estimators which are unbiased. The estimator with least variance is then termed as the goodestimator.

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