Abstract
We discuss the problem of distinguishing between samples and populations when analysts have all potentially available observations at their disposal. Introductory business statistics textbooks place considerable emphasis on the finite population correction factor, and unwary undergraduates may be tempted to make inappropriate use of it. Economists have good reasons for generally abjuring the use of finite population correction factors, but introductory econometrics texts neglect to convey those reasons. We use an illustrative example from sports: Home Team Advantage and demonstrate that standard confidence interval procedures, based on classical statistics, give reliable insight into expected value.
Recommended Citation
(2013)
"Is It a Sample Or a Population? The Illustrative Case of Home Team Advantage,"
Journal of Economics and Finance Education: Vol. 12:
Iss.
1, Article 4.
Available at:
https://scholarship.rollins.edu/jefe/vol12/iss1/4
