Confidence Interval for the Mean of a Bounded Random Variable and Its Applications in Point Estimation

Abstract

In this article, we derive an explicit formula for computing confidence interval for the mean of a bounded random variable. Moreover, we have developed multistage point estimation methods for estimating the mean value with prescribed precision and confidence level based on the proposed confidence interval.

7 pages, no figure; added proof of Theorem 2

References in corpus (2)

• A New Framework of Multistage Estimation
• Coalescence of Low-Viscosity Fluids in Air

Cited by in corpus (7)

• A New Framework of Multistage Estimation
• Coalescence of Low-Viscosity Fluids in Air
• Geometrically Convergent Simulation of the Extrema of Lévy Processes
• Consecutive Sequential Probability Ratio Tests of Multiple Statistical Hypotheses
• Asymptotically Optimal Sequential Estimation of the Mean Based on Inclusion Principle
• Exact Methods for Multistage Estimation of a Binomial Proportion
• Sequential Estimation Methods from Inclusion Principle