Estimating Mean and Variance Through Quantiles: An Experimental Comparison of Different Methods

J.J.A. Moors, L.W.G. Strijbosch, W.J.H. van Groenendaal

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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.
Original languageEnglish
Place of PublicationTilburg
PublisherOperations research
Number of pages31
Volume2002-67
Publication statusPublished - 2002

Publication series

NameCentER Discussion Paper
Volume2002-67

Keywords

  • estimation
  • variance
  • mean

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  • Cite this

    Moors, J. J. A., Strijbosch, L. W. G., & van Groenendaal, W. J. H. (2002). Estimating Mean and Variance Through Quantiles: An Experimental Comparison of Different Methods. (CentER Discussion Paper; Vol. 2002-67). Operations research.