A minimum variance unbiased estimator (MVUE) is a statistical estimator that is both unbiased and has the lowest variance among all possible unbiased estimators of a parameter. This means it produces estimates that, on average, hit the true parameter value and has the least variability around that average compared to other unbiased estimators. The MVUE is significant because it assures efficiency in estimation and is often derived using concepts such as completeness and the Cramer-Rao lower bound.
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