BOOTSTRAP
Many of the procedures discussed in this chapter fall victim to the erroneous perception that one can get more out of a sample or series of samples than one actually puts in. One bootstrap expert learned he was being considered for a position because management felt, “your knowledge of the bootstrap will help us to reduce the cost of sampling.”
Michael Chernick, author of Bootstrap Methods: A Practitioner’s Guide [2007], has documented six myths concerning the bootstrap:
To which we would add never use the bootstrap (or any other method) to test a hypothesis if a more powerful method is available. For example, Derado et al. [2004] performed a series of complex time-consuming measurements on 12 difficult ...
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