Bias in the Estimation of Functional Relationships from Time Series Data

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Abstract
Functional relationships, such as stock–recruitment curves, are generally estimated from time series data where natural "random" factors have generated both deviations from the relationship and also informative variation in the independent variables. Even in the absence of measurement errors, such natural experiments can lead to severely biased parameter estimates. For stock–recruitment models, the bias is misleading for management: the stock will appear too productive when it is low, and too unproductive when it is large. The likely magnitude of such biases can and should be determined for any particular case by Monte Carlo simulations.

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