Question: 2. (a) Discuss briefly the principles behind maximum likelihood. (b) Describe briefly the three hypothesis testing procedures that are available under maximum likelihood estimation. Which

(a) Discuss briefly the principles behind maximum likelihood.

(b) Describe briefly the three hypothesis testing procedures that are available under maximum likelihood estimation. Which is likely to be the easiest to calculate in practice, and why?

(c) OLS and maximum likelihood are used to estimate the parameters of a standard linear regression model. Will they give the same estimates?

Explain your answer.

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