Wednesday, May 14, 2014

Confidence intervals straight from the horse's mouth

Do you know what a confidence interval is?  Are you sure?

As a check, write down a brief definition, and then check out economics professor Dave Giles' Interpreting Confidence Intervals.  Is that what you thought?

While you're there, be sure to check out what Jerzy Neyman, the developer of confidence intervals, told Milton Friedman about confidence intervals.

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2 Comments:

Blogger xorgnz said...

Nice. That's a good presentation - I also had the incorrect interpretation beforehand.

19 May, 2014 13:51  
Blogger Bill Harris said...

While it's not the only reason I see advantages to Bayesian analysis, I figure everyone seems to interpret confidence intervals as if they were credible intervals, so I might as well compute credible intervals unless there's a good reason not to.

Thanks for the comment!

20 May, 2014 21:28  

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