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This system is the only one unbiased estimator / decision maker humans ever found. Though it has quite high variance, in the long-term its results are just asto
by WanderPanda 7y ago
This system is the only one unbiased estimator / decision maker humans ever found. Though it has quite high variance, in the long-term its results are just astounding
- jodrellblank 7y agoIf it's unbiased, that's the same as saying it's random? If it leads towards efficiency, productivity, most beneficial allocation, as suggested, those are all biases.
- spenczar5 7y agoAn unbiased estimator is a technical term. It means that its errors in estimation are equally distributed above and below the true value. Edit to add: I am not sure GP was using the term accurately, either.
- eyeundersand 7y agoI second this. An issue I have found with technical minutiae having,for lack of a better term, general names is that they are prone to being used wrong. And once a critical mass of persons start using it wrongly, there's no going back.
- 1e-9 7y agoAn unbiased estimator is one whose expected value equals the true value. Its sampling distribution can be asymmetrical with median not equal to the true value. You seem to be referring to a median-unbiased estimator.
- spenczar5 7y agoYou are correct, of course. It’s too late for me to correct my comment; I slipped up while trying to de-technicalize the definition. Thanks for the correction.
- FabHK 7y ago> If it's unbiased, that's the same as saying it's random? No, its deviations from the true value are essentially random.