An Unified Theory of Estimation, I: Revised and Extended, February 1960 (Classic Reprint) - Hardcover

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Excerpt from An Unified Theory of Estimation, I: Revised and Extended, February 1960

Each such definite specification of closeness can be criticiz ed as somewhat arbitrary, except in a context where one postulates the reality of the indicated costs of errors of each possible kind. To avoid such features it is evidently necessary and sufficient to adopt the following weak specification of closeness: If Gi<9§<0 or if the estimate O2 is called closer than 9; to 0; if 9; O 02, no comparison as to closeness is to be made. (the latter point was put forth by Galileo in an exchange which retains interest in connection with questions of formulation of estimation problems, particularly distinctions between errors of inference and economic valuations, and the historical origins of unbiasedness criteria. Cf.

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