2019
DOI: 10.22237/jmasm/1551907966
|View full text |Cite
|
Sign up to set email alerts
|

A Strategy for Using Bias and RMSE as Outcomes in Monte Carlo Studies in Statistics

Abstract: To help ensure important patterns of bias and accuracy are detected in Monte Carlo studies in statistics this paper proposes conditioning bias and root mean square error (RMSE) measures on estimated Type I and Type II error rates. A small Monte Carlo study is used to illustrate this argument.

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...
3
1
1

Citation Types

1
14
0

Year Published

2021
2021
2024
2024

Publication Types

Select...
9

Relationship

0
9

Authors

Journals

citations
Cited by 18 publications
(15 citation statements)
references
References 27 publications
1
14
0
Order By: Relevance
“…However, some irregularities were observed in which reversals occurred in the results for bias. Previous research has also reported this finding in which different patterns occurred for bias compared to RMSE (Harwell, 2018 ). As Harwell has noted, it may be that average bias is masking important patterns in recovery accuracy compared to RMSE.…”
Section: Discussionsupporting
confidence: 66%
“…However, some irregularities were observed in which reversals occurred in the results for bias. Previous research has also reported this finding in which different patterns occurred for bias compared to RMSE (Harwell, 2018 ). As Harwell has noted, it may be that average bias is masking important patterns in recovery accuracy compared to RMSE.…”
Section: Discussionsupporting
confidence: 66%
“…Hence, estimators are chosen not only for their unbiasedness, but also for how widely their estimates vary from sample to sample [21]. RMSE is a metric that commonly used to evaluate bias and estimation accuracy [21,22]. Our result suggested that BGDM estimator is more accurate and has minimum standard error.…”
Section: Discussionmentioning
confidence: 83%
“…3. Average relative bias (ARB): the relative difference between the estimated parameter ̂ and its true value , with respect to the true values, over the converged replications N c , expressed as a proportion (Harwell, 2019):…”
Section: Discussionmentioning
confidence: 99%