This document evaluates the sensitivity of seismic inversion algorithms to wavelets estimated using different statistical methods. It summarizes two wavelet estimation techniques - the Hilbert transform method and smoothing spectra method. It also describes two inversion methods - Narrow-band inversion and a Bayesian approach. Numerical experiments were conducted to analyze the performance of the wavelet estimation methods and sensitivity of the inversion algorithms to estimated wavelets. The smoothing spectra method produced better wavelet estimates. The Bayesian approach yielded superior inversion results and more robust impedance estimates compared to Narrow-band inversion in all tests.