If the likelihood function (the prob. model) is correctly specified
Good: for "well-behaved" distributions, established large sample theory, asymptotically unbiased, asymptotic variance, optimal among asymp. unbiased estimates; likelihood ratio methods (tests, interval estimates).
Bad: likelihood surface may have many local maxima ; nuisance parameters
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Maximum likelihood estimation Â»Maximum likelihood estimation
If the likelihood function (the prob. model) is correctly specified
Sensitive to model misspecification Â»Sensitive to model misspecification
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