On Tue, 21 Oct 1997, andrew kliman wrote:
> Again, I do not think that Paul's notion of "unbiased" is
> a meaningful one.
That there remains systematic variation in the residuals of
a regression of Y on X does not make X a biased predictor of
Y, as statisticians use the term. Bias would arise, for
instance, if one used value as a predictor of price while
the true relationship were
price = 1000 + .8*value + error
Allin Cottrell
Department of Economics
Wake Forest University