On some confidence intervals for estimating the mean of a skewed population
A number of methods are available in the literature to measure confidence intervals. Here, confidence intervals for estimating the population mean of a skewed distribution are considered. This note proposes two alternative confidence intervals, namely, Median t and Mad t, which are simple adjustments to the Student's t confidence interval. In order to compare the performance of these intervals, the following criteria are considered: (i) coverage probability; (ii) average width; and (iii) ratio of coverage to width. A simulation study has been undertaken to compare the performance of the intervals. The simulation study shows that for small sample size and moderate to highly skewed distributions, the proposed Median t performs the best in the sense of higher coverage, and the Mad t performs best in the sense of smaller confidence width. The proposed methods are very easy to calculate and are not overly computer-intensive, like Bootstrap confidence intervals. Some real-life examples have been considered that support the findings of the paper to some extent.
Document Type: Research Article
Publication date: 01 January 2007
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