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Originally Posted by AngryD
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See
Slide 5 here:
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Interestingly, and surprisingly to most students, the sample size we really care about is n [the sample size]. As long as N [the size of the sample universe] is much larger, that is as long as n<<N, then it doesn’t matter how big N is. The sample size of our sample, n, is what determines the standard errors of our means, and the power of our tests.
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This is how I was taught and what I believe. Standard statistical tests assume a near-infinte N to n ratio because anything else would add complexity without real-world significance.
However, it's undeniable that a locality sample size of 1,500 gives more accuracy in a town of 1,505 people than it does in a town of 5,000 people. So there must be some statistical power relationship as the N to n ratio approaches 1. I just looked for it on the internet and did not find it. Can anyone who went further than I did in statistics quantify this?
It could make a good term paper topic in a liberal artsy statistical methods class. No need to credit me