Maximum Likelihood as an Operational Tool in Socio-Economic Modeling : As Outlined in a Recent Thesis of D. W. Peterson
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1977-02-01
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NTL Classification:NTL-ECONOMICS AND FINANCE-ECONOMICS AND FINANCE;NTL-ECONOMICS AND FINANCE-Economic Impacts;
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Abstract:The limitations of currently used estimation procedures in socio-economic modeling have been highlighted in the ongoing work of Senge, in which it is shown where more sophisticated estimation procedures may become necessary. One such advanced method (FIMLOF) based on the maximum likelihood procedure has been developed by Peterson and incorporated in a computer program, GPSIE. The present report gives a review of this development and includes a discussion of the relevant conclusions from the work of Senge.
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