Theoretical analysis examines maximum likelihood estimation within decision theory frameworks, highlighting foundational strengths, limitations, and methodology improvements.
This paper discusses five questions concerning maximum likelihood estimation: What kind of theory is maximum likelihood? How is maximum likelihood used in practice? To what extent can this theory and practice be justified from a decision-theoretic viewpoint? What are maximum likelihood's principal virtues and defects? What improvements have been suggested by decision theory?
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Bradley Efron (1982) studied this question.
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