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Estimating mean and variance through quantiles: : an experimental comparison of different methods

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Author Info
Moors, J.J.A.
Strijbosch, L.W.G.
Groenendaal, W.J.H. van (Tilburg University, Center for Economic Research)

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Abstract

If estimates of mean and variance are needed and only experts' opinions are available, the literature agrees that it is wise behaviour to ask only for their (subjective) estimates of quantiles: from these, estimates of the desired parameters are calculated. Quite a number of methods have been suggested up to now, using different sets of quantiles. Four of these methods are compared here by means of an experiment in which 56 students acted as experts on four distributions. The accuracy of the estimation of both the quantiles and the parameters are discussed.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 67.

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Date of creation: 2002
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Handle: RePEc:dgr:kubcen:200267

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Related research
Keywords: mean;

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Find related papers by JEL classification:
C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Estimation

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  1. Moors, J.J.A. & Schuld, M.H. & Mathijssen, A.C.A., 1995. "A new method for assessing judgmental distributions," Research Memorandum 708, Tilburg University, Faculty of Economics and Business Administration. [Downloadable!]
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  1. Moors, J.J.A. & Strijbosch, L.W.G. & Groenendaal, W.J.H. van & Schuld, M.H. & Mathijssen, A.C.A., 2003. "An experimental comparison of four methods for assessing judgemental distributions," Discussion Paper 31, Tilburg University, Center for Economic Research. [Downloadable!]
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This page was last updated on 2009-11-25.

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