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. |