bootstrapping

Previously, I encouraged readers to test different approaches to bootstrapped confidence interval (CI) estimation. Such testing can done by relying on the definition of CIs: Given an infinite number of independent samples from the same population, we expect a ci_level CI to contain the population parameter in exactly ci_level percent of the samples. Therefore, we run “many” simulations (num_simulations), where each simulation generates a random sample from the same population and runs the CI algorithm on the sample....

Bootstrap sampling techniques are very appealing, as they don’t require knowing much about statistics and opaque formulas. Instead, all one needs to do is resample the given data many times, and calculate the desired statistics. Therefore, bootstrapping has been promoted as an easy way of modelling uncertainty to hackers who don’t have much statistical knowledge. For example, the main thesis of the excellent Statistics for Hackers talk by Jake VanderPlas is: “If you can write a for-loop, you can do statistics”....