A Note on Biased and Inconsistent Estimation
January 1, 1973
European Economic Review, Vol. 3, Issue 4, December 1972, pp. 441-449
It is suggested that biased or inconsistent estimators may be more efficient than unbiased or consistent estimators in a wider range of cases than heretofore assumed. Furthermore, that efficiency can be appraised relatively from a random sample which is not too small. Attention is confined to simple, special, but important, cases. In the consideration of inconsistency in connection with estimation of rates, use is made of actual data.