“A choice may have to be made between a biased estimator which is believed to be relatively accurate and an unbiased estimator which is demonstrably highly inefficient, and it is by no means obvious that the latter is always to be preferred.”

Source: Studies in the National Income and Expenditure of the United Kingdom, 1954, p. 286

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Richard Stone 11
British economist, Nobel Memorial Prize winner 1913–1991

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