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ISM Unit 2: Random Samples
The first unit deals with descriptive statistics. These summarize and simplify the data and allow us to grasp certain features of the data. There are two types of data: observational and random samples. In econometrics, we mostly have observational data. To get random samples, we must conduct a survey following stringent rules. Understanding the properties of random samples requires an understanding of probability theory. In this unit, we will study the properties of a sequence of random draws from a population – this is also called a random sample. This provides the basis for understanding probability theory and statistics.
Our basic probability model is a sequence of Random Draws from some Population. A population is a set with a finite number of elements – for example, all people living in Lahore. A Random Draw from this population is a choice of ONE element in this set (one person) in such a way that ALL elements have an EQUAL probability of being chosen.
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Writeup of lecture is attached below.
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