Three Properties of a Good Estimator

1. Unbiased- the expected value of the mean of the estimates obtained from samples of a given size is equal to the parameter being estimated.

2. Consistent- As the sample size increases, the value of the estimator approaches the value of parameter estimated.

3. Relatively Efficient- Of all the statistics that can be used to estimate a parameter, the relativity efficient estimator has the smallest variance


J. Santillan