Typically the quality of an estimator is judged by two criteria (1) consistency and (2) bias. An estimator is said to be consistent if as the size of my sample $N$ increases the estimator will converge to the true population value, So if $N=1$ my first estimator $\frac{NumberOfRed}{N}$ may be very inaccurate. With $N=30$ my first estimator should be fairly representative of the percentage of red balls in the box. With $N=1000$ my first estimator should be extremely close to the true percentage of red balls in the box. Interestingly my second estimator $\frac{NumberOfRed-2}{N}$ is also consistent - in the sense that as $N$ increases we expect it will do a better and better job of inferring the true percentage of red balls in the box. Now the second estimator will always infer slightly low (because we subtracted 2) but it will still get more an more accurate as $N$ increases.
Bias refers to whether an estimator systematically mis-infers. In the example above the first estimator $\frac{NumberOfRed}{N}$ is unbiased in the sense that we do not expect it to over or under estimate the percentage of balls that are red. Now it is possible that the first estimator produces a poor result (say we set $N=1$ and our first draw is black) but the first estimator has no tendency to systematically over or underestimate the percentage of red balls in the box. In contrast we would expect the second estimator $\frac{NumberOfRed-2}{N}$ to slightly underestimate the percentage of balls in the box that are red (because we subtracted 2 in the numerator). Now as $N$ gets large this underestimation will have less and less impact but for any $N$ we still expect to slightly underestimate the percentage of red balls in the box.
It is possible that you may have two different estimators one which converges faster (ie is more consistent) but it is biased - whereas the other estimator may be unbiased but converge very slowly. Choosing which estimator is better under which conditions is what statistics is about.
Which brings us to this.
Washington Examiner: Barone: Going out on a limb: Romney beats Obama, handily November 2, 2012
I always thought that Michael Barone was a bit of a Republican shill but for some reason he gets respect among some serious people. He is the editor of the annual Almanac of American Politics so you would think that he has some reputation to lose by making extremely bad predictions. Here are his November 2nd predictions followed by the actual results.
- Indiana - Romney. Romney 54-44.
- Florida - Romney. Obama 50-49.
- Ohio - Romney. Obama 50-47
- Virginia - Romney. Obama 51-47.
- Colorado - Romney. Obama 51-46.
- Iowa - Romney. Obama 52-46.
- Minnesota - Obama. Obama 53-45
- New Hampshire - Romney. Obama 52-46.
- Pennsylvania - Romney. Obama 52-46.
- Nevada - Obama. Obama 52-46.
- Wisconsin - Romney. Obama 53-46.
- Oregon / New Mexico / New Jersey - Obama. Obama 54-42 / 53-43 / 58-41.
- Michigan - Obama. Obama 54-45
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