👉 In the context of econometrics, a "pre-implied" or "pre-biased" value is an estimated value that does not necessarily reflect the true value but rather reflects a level of uncertainty about the true value. This type of value is often used in models where there are pre-existing assumptions about what the true value should be, such as the distribution of stock prices. For example, if we have a model that assumes that the standard deviation of stocks is 10%, it might
