Stochastic Estimation Revolutionizes Binomial Parameter Estimation in Costly Observations.
The study looked at how to estimate a parameter in a statistical model when there is a cost for collecting data. They used a method called Empirical Bayes, where the sample size and decision rule are determined by the data. They compared this method for both independent and non-identical components. The study found an optimal procedure for estimating the parameter using computer simulations.
