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Delay measurements from timing message exchanges between two clocks produce a maximum-likelihood estimator (MLE) of the clock offset when fixed delays in each direction are equal and unknown, and variable delays in each direction have an exponential distribution with an unknown mean. It is shown that the MLE corresponds to a previously proposed estimator of clock offset. The ML interpretation of the estimator provides further insight and motivation for its use.
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Daniel R. Jeske (2005) studied this question.
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