Parameter Estimation and Evaluation Maximum Likelihood Estimation Maximum Likelihood Estimation Question:How to estimate 0o based on a data set x"? R.Fisher proposed a general method of estimation called MLE.He demonstrated the advantage of this method by showing that it yields a sufficient estimator for parameter 0 whenever it exists and the MLE is asymptotically most efficient in terms of some sensible criterion Parameter Estimation and Evaluation Introduction to Statistics and Econometrics April 21,2020 17/207Parameter Estimation and Evaluation Parameter Estimation and Evaluation Introduction to Statistics and Econometrics April 21, 2020 17/207 Maximum Likelihood Estimation Maximum Likelihood Estimation