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What is Wald vs. Likelihood Ratio Analysis about?
This document discusses the differences between the Wald approach and likelihood ratio approach for statistical inference. The Wald approach relies on an approximation of the likelihood function at the maximum likelihood estimate, which can be poor when the sample size is small. The likelihood ratio approach directly compares the likelihoods of nested models and does not require symmetric confidence intervals. When the sample size is large, the two approaches often agree. But for small samples, the likeliho
- Author
- Kenneth Ng
- Language
- EN