What is the difference between bayesian estimate and maximum likelihood estimation (mle)?
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Answer Posted / Baldeep Singh
Maximum Likelihood Estimation (MLE) is a method of estimating parameters in a statistical model by finding the values that maximize the likelihood function, which represents the probability of observing the given data, assuming a particular set of parameters. Bayesian Estimate, on the other hand, is a method that uses Bayes' theorem to update the probability for a hypothesis based on observed evidence. In Bayesian estimation, prior knowledge about the parameter can be incorporated into the analysis.
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