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A Major Disadvantage of Maximum Likelihood Methods Is That They

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A major disadvantage of maximum likelihood methods is that they


Definitions:

Dominant Strategy

Strategy that is optimal no matter what an opponent does.

Payoff

Value associated with a possible outcome.

Optimal Strategy

Strategy that maximizes a player’s expected payoff.

Auctioned

A method of sale where goods or services are sold to the highest bidder.

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