Dictionary of Business Terms: unbiased estimator
unbiased estimator
if the average estimate of several random samples equals the population parameter, the estimate is unbiased. For example, if credit card holders in a city were repetitively random sampled and questioned what their account balances were as of a specific date, the average of the results across all samples would equal the population parameter. If however, only credit card holders in one neighborhood were sampled, the average of the sample estimates would be a biased estimator of all account balances for the city and would not equal the population parameter.
