(a) The maximum likelihood method is often criticized for the fact that for a very small sample size, say n = 5, MLEs are not very reliable. Discuss.

(b) Explain why the fact that the ML method gives rise to inconsistent estimators in the case of the Neyman–Scott (1948) model constitutes a strength of the method and not a weakness.

(c) Use your answer in

(b) to explain how the original model can be rendered well specified.