Quasi-Useful
The quote by statistician George Box " All models are wrong but some are useful " is extremely well known. It served as motivation for a prior post here . It serves as motivation for this post as well, which brings us to another famous quote, this time by a non-statistician In addition to being a great athlete, playing the greatest of games, Yogi was a smart fella. I was reminded of the quote by Box while teaching this week. In particular, I was discussing two examples of quasi maximum likelihood estimation (QMLE). In papers, we sometimes see authors reference the estimation technique being used as MLE, while other times we see authors use the term QMLE. As applied researchers, we may not have learned the difference (or we have forgotten!) and thus we gloss over this, continuing on with our lives, our feelings of imposter syndrome growing steadily worse. Well, it turns out that, as applied researchers, we ought to pay significant att...