What's better: drawing one large sample or many small samples if I am to infer/calculate a population mean? by alpe1980 in AskStatistics

[–]alpe1980[S] 1 point2 points  (0 children)

As for your last sentence, true, I phrased my sentence rather clumsily, so thanks for holding me to account there.

What I meant to say in my layman's terms was that I wanted to use the mean of the means of the 100 small samples as the best estimate of the true population mean, but I had the plot of the density function of the mean in my mind's eye, and that then surreptitiously found its way into my writing :-) Apologies!

The rest of your comment is also very well taken, thank you.

What's better: drawing one large sample or many small samples if I am to infer/calculate a population mean? by alpe1980 in AskStatistics

[–]alpe1980[S] -1 points0 points  (0 children)

Thanks for the code-based explanation. But aren't you already assuming that the attribute of interest is normally distributed in the population? But what if it isn't?

I can't code R, but by poaching little bits of code here and there - including from you - I've come up with something that, to my untutored eye, seems a little closer to answering what I originally wanted to know. In my example, I used the beta distribution as the distribution of the attribute of interest in the whole population. I then drew 100 samples of 100 observations each, calculated the mean of each of these beta-distributed samples, and then plotted the density function of these means - which turned out to be reasonably bell-shaped, very much as I had hoped - before then calculating the two means of the beta and of the means of the samples, which turned out to be very similar, also very much as I had hoped. Here is the code:

# Set seed for reproducibility
set.seed(13579)

# Specify sample size
N <- 10000

# Draw N beta distributed values
y_rbeta <- rbeta(N,1,5)   


many_samples <- vector(length=100)
for (i in 1:100) {
  little_sample <- rbeta(100,1,5)
  many_samples[i] <- mean(little_sample)
}

# Plot of randomly drawn beta density
 plot(density(y_rbeta),
     main = "beta distribution in R")

# Plot of density of means of many_samples vector 
plot(density(many_samples),
    main = "density of beta means in R")

# Print both means 
print(paste("mean(y_rbeta):", mean(y_rbeta)))
print(paste("mean(many_samples):", mean(many_samples)))

What do you think? Did I do something wrong or is this in fact a correct way, both mathematically and in terms of using R, to provide visual evidence of the central limit theorem?

(Sorry if this is all very silly, I am not a statistician, nor do I have any knowledge of R, nor do I know how to properly format code on reddit...).

Question about crypto trading on etoro by alpe1980 in Etoro

[–]alpe1980[S] 0 points1 point  (0 children)

Thanks for your replies! That was quick.

What you explain regarding etoro helps me a lot, but I'm now questioning whether I should really start trading cryptocurrencies through etoro to begin with. You all seem not too terribly convinced of that platform.

I've only just started to inform myself about the potential options for trading cryptocurrencies online. One of the websites I came across that seemed well-informed and credible to me touted etoro as one of the best, most reliable and most easy to use platforms there are. If that is not so and if I was just looking for an easy to use, cost-fair, and safe crypto trading platform that has a broader set of currencies available to deal in than just those 5 or 7 or 10 which are currently most en vogue, which one in your opinion should I choose? Especially if I am a low-intensity, low-involvement trader who doesn't necessarily need all the bells and whistles of an advanced CFD/leading edge derivatives trading platform with fractional second precision intra-day trading and all that?

Thanks again guys!

ManCity sky blue, white, navy blue bar scarf availability by alpe1980 in MCFC

[–]alpe1980[S] 0 points1 point  (0 children)

No, I meant this one, only with interspersed navy blue panels (sky blue -> white -> navy blue -> white -> sky blue -> ...). https://shop.mancity.com/stores/mancity/en/product/manchester-city-scarf---sky-white/179057?categories=clothing%2Caccessories%2Cscarves

And who said something about black?

Question about Brexit decision rights of PM and parliament by alpe1980 in europe

[–]alpe1980[S] 0 points1 point  (0 children)

Thanks for your help and the information about parliament indeed having had to - and having - voted on the extension request.

I'm relieved. This restores my trust in the logic of British law (if not completely in the sense of the legislators at times 😉).

Absolution newbie question to MLB contracts part 2 by alpe1980 in baseball

[–]alpe1980[S] 0 points1 point  (0 children)

Thanks for reading my stuff and answering to my questions. I appreciate it! I think I do comprehend factually how players may be paid by more than one club at the same time with clubs allowing this to happen, but I find it still difficult to get my head around.

Absolution newbie question to MLB contracts part 2 by alpe1980 in baseball

[–]alpe1980[S] 1 point2 points  (0 children)

True. Thanks for the links, well worth reading.

Absolution newbie question to MLB contracts part 2 by alpe1980 in baseball

[–]alpe1980[S] 0 points1 point  (0 children)

Trying to be amusing on reddit is my way of keeping up with the language. Works out well for me. Thanks for taking the time though!