Averaging the closest two out of three observations.
The average of 3 observations is the standard method of estimating the location of their distribution. The average of the closest 2 out of 3 observations, although often used, has more variability than the average of all 3 observations for a standard normal distribution. One statistic uses a threshold to decide when to use the average of all 3 observations rather than the closest 2. With the standard normal, this statistic still has more variability than the average of all 3 observations.
Blodgett
R J
RJ
US Food and Drug Administration, Center for Food Safety and Applied Nutrition, Washington, DC 20204, USA.
D013223:Statistics as Topic / Q000379:methods*