grouped observations (expert Stats question - some poker relevance)
Suppose I want to estimate the mean and variance for BB/hr.
Suppose, further, that I'm lazy and only bother to note the total time and the gain/loss for each *session*.
Now - estimating the mean BB/hr is simple - just take a weighted sum of the session observations.
But...how about the variance?
It seems to me that I can make full use of my observations when estimating the mean - but that I only get to use one "observation" for each session when estimating variance. Can I do better than that? How?
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