Summary statistics

Abstract: Noel Cressie and Christopher WikleHardcover: 624 pagesYear: 2011Publisher: John WileyISBN-13: 978-0471692744Here is the new reference book about spatial and spatio-temporal statistical modeling! No...

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Abstract: To summarize, Basic Statistics and Data Analysis is not suitable for students majoring in math, science, and engineering, because of the sparse coverage of statistical topics applicable to these fields. As a general audience text, the book is well written in terms of style and readability. However, the instructor would have to be predisposed to include a heavy dose of nonparametric statistics in an introductory course and plan on presenting clearer guidelines on when such tests are appropriate.

Abstract: Economists are often puzzled as to why profit-maximizing firms buy professional forecasts when statistics such as the root-mean-squared error or the mean absolute error often indicate that a naive model will forecast about as well. This paper argues that the reason is that these traditional summary statistics may not be closely related to a forecast's profits. Using profit measures, the authors find only very weak relationships between such summary error statistics and forecast value. If these results are robust, then least-squares regression analysis may not be appropriate for many studies of economic behavior. Copyright 1991 by American Economic Association.