Asked by Anonymous
is the mean or median a better estimate for the parameter of interest?
Answers
Answered by
drwls
That depends upon the parameter and the interest.
You don't hear many sources quoting median SAT test scores or median income. Gross National Product per capita is used in the latter case. But you will often see the median value of home sales, since people are more interested in "typical" sales prices undistorted by high-end sales.
You don't hear many sources quoting median SAT test scores or median income. Gross National Product per capita is used in the latter case. But you will often see the median value of home sales, since people are more interested in "typical" sales prices undistorted by high-end sales.
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