Interpolation

{
  "id": "MLC-T-ECS-000995",
  "term": "Interpolation",
  "field": "Economic statistics",
  "definition": "Interpolation frequently is used in calculating medians or quartiles based on interval data and in approximating standard errors from tables. Linear interpolation is used to estimate values of a function between two known values. Pareto interpolation is an alternative to linear interpolation. In Pareto interpolation, the median is derived by interpolating between the logarithms of the upper and lower income limits of the median category. It is used by the Census Bureau in calculating median income within intervals wider than $2,500.",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/interpolation/"
}