Question: Why is an unbiased statistic generally preferred over a biased

Why is an unbiased statistic generally preferred over a biased statistic for estimating a population characteristic? Does unbiasedness alone guarantee that the estimate will be close to the true value? Explain. Under what circumstances might you choose a biased statistic over an unbiased statistic if two statistics are available for estimating a population characteristic?

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  • CreatedSeptember 19, 2015
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