Question: 5.3 Suppose Y1,...,YN are independent identically distributed random variables with the Pareto distribution with parameter . a. Find the maximum likelihood estimator b of .

5.3 Suppose Y1,...,YN are independent identically distributed random variables with the Pareto distribution with parameter θ.

a. Find the maximum likelihood estimator θb of θ.

b. Find the Wald statistic for making inferences about θ (Hint: Use the results from Exercise 3.10).

c. Use the Wald statistic to obtain an expression for an approximate 95%

confidence interval for θ.

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