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Author Question: Why is a point estimate alone insufficient for providing a probabilistic estimate of a parameter? (Read 87 times)

haydenjmcm

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Why is a point estimate alone insufficient for providing a probabilistic estimate of a parameter?

Because a point estimate only estimates the parameter, it will never provide us with its value.


Although the point estimate provides a good guess for the parameter, it is a single value and, for a continuous variable, the probability the parameter equals this single value is 0.


The calculation of the point estimate is too fraught with uncertainty to provide an accurate probability estimate.


A point estimate is too static to accurately estimate a dynamic parameter.



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Marked as best answer by haydenjmcm on Feb 26, 2023

msgero

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haydenjmcm

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Reply 2 on: Feb 26, 2023
Wow, this really help


AngeliqueG

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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