ECONOMETRICS Definitions: Probablity Concepts

drnaga

Par 100 posts (V.I.P)
Experiment. The term experiment will denote doing something or observing something happen under certain conditions, resulting in some final state of affairs or “outcome”.It might be said that an experiment is the process by which an observation is made. The performance of an experiment is called a trial of the experiment. The observed result, on a trial of the experiment, is formally called an outcome. The experiment may be physical,biological, social, or otherwise. It may be carried out in a laboratory, in a field trial, or in real-life surroundings, such as an industry, a community, or an economy
 

drnaga

Par 100 posts (V.I.P)
What is a sample space and sample point?

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