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Created: Nov 28, 2011
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Bootstrapping Miami Beach, Fl- Jessica Flores

Using the data provided in the video by Mr. Sullivan I built a confidence interval of the mean of this data by using the bootstrap method. The data was a representation of the price per square foot of a random sample of recently sold condominiums in Miami Beach, Fl.

Below is the data from a sample size of ten recently purchased condominiums in Miami Beach, Fl and the price per square foot they were sold:

Data set 1. bootstrap data   [Info]

Result 1: Column Statistics- n=10   [Info]
Summary statistics:
 Column Mean Std. Dev. Std. Err. Price 276.725 5.4833307 1.7339815

Result 2: Column Statistics- Mean   [Info]
Summary statistics:
 Column Mean Std. Dev. Std. Err. n Mean 276.7023 1.6409363 0.05189096 1000

The histogram below describes the mean by showing how the shape, spread, and center are approximately normal.

Result 3: Histogram- bootstrap   [Info]

Since the histogram is approximately normal it shows that the data represents a good example to what would happen if we obtained many, many random samples from a population to determine the sample statistic.

Result 4: Column Statistics- Percentiles   [Info]
Summary statistics:
 Column 2.5th Per. 97.5th Per. Mean 273.606 280.169

Result 5: One sample T statistics with data-Bootstrap   [Info]
95% confidence interval results:
μ : mean of Variable
 Variable Sample Mean Std. Err. DF L. Limit U. Limit Price 276.725 1.7339815 9 272.80246 280.64755

The data above shows the 2.5th and 97.5th percentile. When compared to the t-statistics data, the data seen in the lower limit is similar to the data seen in the 2.5th percentile and the data seen in the upper limit is similar to the data seen in the 97.5th percentile.

The applet known as bootstrapping is the best way to get results fast. After resampling 1000 times, the applet gave me the 95% confidence interval, a lower bound, and an upper bound.  The applet lets you pick the number of times you wish to perform the experiment.

Result 6: Bootstrap a statistic-Applet   [Info]