| Pub. Date | : Jan, 2023 |
|---|---|
| Product Name | : The IUP Journal of Applied Economics |
| Product Type | : Article |
| Product Code | : IJAE010423 |
| Author Name | : GRK Murty |
| Availability | : YES |
| Subject/Domain | : Economics |
| Download Format | : PDF Format |
| No. of Pages | : 10 |
Dr Calyampudi Radhakrishna Rao, the Indiaborn American mathematician and statistician, has been awarded the 2023 International Prize in Statistics-equivalent of the Nobel Prize-for the monumental work done by him 75 years ago that revolutionized statistical thinking. This award will be presented to 102-year-old Dr Rao at the International Statistical Institute World Statistics Congress in Ottawa, Canada, in July 2023.
Dr Rao reported this remarkable work in a paper, "Information and Accuracy Attainable in the Estimation of Statistical Parameters".1 The origin of this paper is equally interesting2: As Dr Rao, while teaching a course on estimation to the senior students of MA statistics class at Calcutta University in 1944, mentioned without proof Fisher's information inequality for the asymptotic variance of a consistent estimate, a bright student in the class, V M Dandekar raised a question: "Whether such an inequality exists for the exact variance of an estimate in small samples?" Dr Rao replied: "I would try and let you know". That night he read Fisher's papers but could not get any clue, as Fisher did not give satisfactory proof of his inequality. So, he began to think about the problem independently. Trying for a couple of hours with an assumption that an "estimate T is unbiased for a parametric function