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Introduction to Econometrics 3rd Edition by James Stock, Mark Watson
Edition 3ISBN: 978-9352863501Introduction to Econometrics 3rd Edition by James Stock, Mark Watson
Edition 3ISBN: 978-9352863501 Exercise 11
(Requires Section 11.3 and calculus) Suppose that a random variable Y has the following probability distribution: Pr( Y = 1) = p, Pr( Y = 2) = q, and Pr( Y = 3) = 1 - p - q. A random sample of size n is drawn from this distribution, and the random variables are denoted Y 1 ,Y 2 ,..., Y n.
a. Derive the likelihood function for the parameters p and q.
b. Derive formulas for the MLE of p and q.
a. Derive the likelihood function for the parameters p and q.
b. Derive formulas for the MLE of p and q.
Explanation
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a)
The likelihood function is the proba...
Introduction to Econometrics 3rd Edition by James Stock, Mark Watson
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