Rao-Blackwell Theorem

The Rao-Blackwell Theorem is a principle in statistics that helps improve estimates based on data. Essentially, it states that if you have an initial estimate of a parameter and additional data that can provide more insight, you can create a better estimate by using the new data to refine your original estimate. This refined estimate will have less uncertainty and is typically more accurate. It's widely used in various fields, including economics and engineering, to enhance decision-making by leveraging available information effectively.