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Confidence interval


An estimation rule that produces with a given probability, when applied to repeated samples, intervals containing the true value of the unknown parameter. Thus, if a large number of samples were drawn from the same population, and an x-per cent confidence interval were constructed for each of this sample, then about x per cent of these confidence intervals would contain the true value of the estimated parameter.


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