MLE Explained: Simple & Clear Overview

Maximum likelihood estimation (MLE) is widely used in statistics to model systems and applications. How does it work? This video explains the principles of likelihood functions, MLE and model selection through an intuitive example: should I continue partaking in a coin-flipping bet?

00:00 Video Overview
0:26 Coin Flipping Problem Introduction
1:46 Concept of Independent and Identically Distributed Observations
3:02 Likelihood Function Definition
5:07 Likelihood Function for Coin Problem
7:04 Maximum Likelihood Estimation
7:39 Conclusion: Should We Continue The Bet?

Watch this video for a primer on the probability concepts included in this video: https://www.youtube.com/watch?v=rROPs4C5jN0&t=34s

#statistics #datascience #mle #probability

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Hello, and welcome to RiskByNumbers!

I am a professor sharing educational resources around probability, statistics, optimization methods, algorithms, and programming to a broad audience.

Outside of Youtube, you can currently find me in Vancouver, Canada at the University of British Columbia.

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Email: RiskByNumbers@gmail.com.
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