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likelihood
(redirected from Likelihood function)

   Also found in: Dictionary/thesaurus, Medical, Legal, Wikipedia 0.02 sec.

likelihood

 or chance

In mathematics, a subjective assessment of possibility that, when assigned a numerical value on a scale between impossibility (0) and absolute certainty (1), becomes a probability (see probability theory). Thus, the numerical assignment of a probability depends on the notion of likelihood. If, for example, an experiment (e.g., a die toss) can result in six equally likely possible outcomes, the probability of each is ¹⁄₆.


likelihood [′līk·lē‚hu̇d]
(mathematics)
The likelihood of a sample of independent values ofx1,x2, … ,xn, with ƒ(x) the probability function, is the product ƒ(x1) - ƒ(x2) - ⋯ - ƒ(xn).


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While this "new paradigm" presented a different way to think about welfare measure estimation, few were willing to hand-code likelihood functions to achieve direct measures, which are readily available by transforming results from canned logit routines.
Readers are assumed to have prior basic knowledge of likelihood functions, applied regression, and basic matrix computations.
 
 
 
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