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Bootstrap
 

 

A computer-intensive technique of re-sampling the data to obtain the sampling distribution of a statistic. The initial sample is treated as the population from which samples are drawn repeatedly and randomly, with replacement. These bootstrapped samples are used to compute a statistic, and the resulting empirical distribution of this statistic is interpreted as an approximation to the true sampling distribution.

 

Reference: Oxford Press Dictonary of Economics, 5th edt.