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1. **Bias Calculation:** The most straightforward way to quantify bias is to calculate it directly. As mentioned earlier, bias is the expected value of the estimator minus the true value. If you know the true value (which, in many real-world scenarios, you won't), you can compare it to the average of your estimator's values. If you've got multiple estimates, take the average; this gives you an idea of how much your estimator deviates from the true value. The formula to calculate bias is: Bias = E[θ̂] − θ, where θ̂ is the estimator and θ is the true value.
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