Are the OLS estimators unbiased and/or consistent?

OLS estimators are BLUE (i.e. they are linear, unbiased and have the least variance among the class of all linear and unbiased estimators).

Are OLS estimators unbiased?

Under the standard assumptions, the OLS estimator in the linear regression model is thus unbiased and efficient. No other linear and unbiased estimator of the regression coefficients exists which leads to a smaller variance.

In what sense are OLS estimates the best among the class of linear unbiased estimators?

3.02. Under assumptions V and VI, the OLS estimators are the best linear unbiased estimators (they are best in the sense of having minimum variance among all linear unbiased estimators), regardless of whether the ɛi are normally distributed or not (Gauss–Markov theorem).

What does the term linear mean when we say that OLS is the best linear unbiased estimator?

BLUE
Under the GM assumptions, the OLS estimator is the BLUE (Best Linear Unbiased Estimator). Meaning, if the standard GM assumptions hold, of all linear unbiased estimators possible the OLS estimator is the one with minimum variance and is, therefore, most efficient.

What are OLS estimators?

OLS estimators are linear functions of the values of Y (the dependent variable) which are linearly combined using weights that are a non-linear function of the values of X (the regressors or explanatory variables).

What do you mean by best linear unbiased estimator?

The term best linear unbiased estimator (BLUE) comes from application of the general notion of unbiased and efficient estimation in the context of linear estimation. In other words, we require the expected value of estimates produced by an estimator to be equal to the true value of population parameters.

What is meant by the best unbiased?

1 : free from bias especially : free from all prejudice and favoritism : eminently fair an unbiased opinion.

What is the meaning of best linear unbiased estimator?