S4E03 Two-Stage Least Squares Strikes Back
Quantitude
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Maximum Probability Is the Game in Town When You Have a Misspecified Model
The idea of being able to pinpoint what parts of your model are working well is hugely important. It's something that we just don't have a good handle on in the maximum likelihood world. On top of that, that equation by equation estimator actually is going to give us a huge advantage under a lot of circumstances. And that is, you know what it protects against whack-a-mole.
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