I've come accross a term called "statistical efficiency of the median" in a paper and couldn't find any definition in the paper. From my search online, I found that this might mean relative efficiency of the median compared to the mean.
Can anyone shed some light to where I can look for clues?
Best Answer
The statistical efficiency of the median, measured as the ratio of the variance of the mean to the variance of the median, depends on the sample size N=2n+1 as
4n/(pi)*N
which tends to the value 2/pi approx 0.637 as N becomes large (see for more information).
Although, the median is less efficient than the mean, it is less sensitive to outliers than the mean.