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Bootstrapping in Small Sample Statistics
Description
Bootstrapping is a statistical resampling method used to estimate population parameters from an existing sample. It builds on the idea of the word bootstrap, which first appeared in the 19th century as a metaphor for doing something independently. In statistics, the method was developed by Dr. Bradley Efron in 1979.
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Transcript
Bootstrapping is a resampling method that uses samples randomly drawn from the already collected sample with replacement.
Imagine a paleontologist trying to determine the mean wing length of a prehistoric insect species with only five fossil specimens.
A higher sample size is desirable to make better inferences, but there is no way...
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