mcstatsim (version 0.5.0)

calc_bias: Calculate Bias and Bias Monte Carlo Standard Error

Description

This function computes the bias and the Monte Carlo Standard Error (MCSE) of the bias for a set of estimates relative to a true parameter value. The bias is the difference between the mean of the estimates and the true parameter. The MCSE of the bias is calculated as the square root of the variance of the estimates divided by the number of estimates, providing a measure of the precision of the bias estimate.

Usage

calc_bias(estimates, true_param)

Value

A list with two components: `bias`, the calculated bias of the estimates, and `bias_mcse`, the Monte Carlo Standard Error of the bias, indicating the uncertainty associated with the bias estimate.

Arguments

estimates

A numeric vector of estimates from the simulation or sampling process.

true_param

The true parameter value that the estimates are intended to approximate.

Examples

estimates <- rnorm(100, mean = 50, sd = 10)
true_param <- 50
bias_info <- calc_bias(estimates, true_param)
print(bias_info)