Which of the following statements is correct?

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BlackTom AI · Accepted Answer

Question: Which of the following statements is correct?
Options:
1) Asymptotic properties are also called large sample properties.
2) All of the above.
3) None of the above.
4) Finite sample properties of OLS estimators hold for any sample size n (with the additional restriction that n must be at least as large as the numbers of parameters in the regression model).
5) Asymptotic properties of OLS estimators are defined as the sample size grows without bound.

Analysis of each option:
Option 1: 'Asymptotic properties are also called large sample properties.' This is a standard and widely accepted characterization. Asymptotic properties describe the behavior of estimators as the sample size grows large, so calling them 'large sample properties' is accurate in most econometrics and statistics contexts.

Option 2: 'All of the above.' To evaluate this, we must determine whether every listed statement (1, 3, 4, 5) is true. If any one of 1, 3, 4, or 5 is false, then 'All of the above' cannot be correct, since it asserts that all listed statements are correct. Therefore, the truth of this option hinges on the truth of the others.

Option 3: 'None of the above.' If any of the other statements (1, 4, 5, and potentially 2) are true, then 'None of the above' is false. Since 1 appears to be a standard description, this option would typically be false in a conventional treatment.

Option 4: 'Finite sample properties of OLS estimators hold for any sample size n (with the additional restriction that n must be at least as large as the numbers of parameters in the regression model).' This statement is nuanced. Finite-sample properties like unbiasedness or exact formulas for coefficients can hold in OLS under certain assumptions, and in principle require at least as many observations as parameters to estimate the model (n ≥ number of parameters). However, the bold claim that these finite-sample properties hold for “any” sample size may be contested because finite-sample exact results often depend on model assumptions (linearity, exogeneity, homoscedasticity, normality of errors for certain distributions, etc.). If those assumptions fail, the finite-sample properties (like unbiasedness and BLUE status) may not hold. Therefore, this statement is not universally true in all contexts.

Option 5: 'Asymptotic properties of OLS estimators are defined as the sample size grows without bound.' This is a standard definition: asymptotics describe behavior as n → ∞. This statement is generally accepted as correct.

Putting it together:
- Option 1 is a correct characterization.
- Option 5 is a correct characterization.
- Option 4 is conditional and potentially misleading because finite-sample properties can depend on model assumptions; saying they hold for any sample size with only n ≥ number of parameters is an overgeneralization.
- Option 3 ('None of the above') would only be correct if all other statements were false, which is not the case given the standard correctness of options 1 and 5.
- Option 2 ('All of the above') would be correct only if 1, 3, 4, and 5 were all true; since 4 is not universally true as stated, option 2 is not correct under a strict interpretation.

Note on potential ambiguity: Some curricula might interpret option 4 as acceptable if one permits the standard OLS finite-sample properties (like unbiasedness) to hold whenever the model assumptions are satisfied and n ≥ p. Nevertheless, the phrase 'for any sample size' makes the statement broadly questionable, because finite-sample properties can fail under violations of assumptions, and not all finite-sample properties are guaranteed for every possible sample size in practice.

In summary, the reasoning above explains why option 1 and option 5 are valid descriptions, while option 4 is conditionally true and option 2 depends on whether option 4 is accepted as universally true. The inclusion of option 2 hinges on whether all other statements are deemed true, which is not unambiguously the case here given the caveat about option 4. The analysis emphasizes the nuanced interpretation of finite-sample properties in option 4 and the standard definitions in options 1 and 5.

Which of the following statements is correct?

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