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problems with estimation
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problems with estimation
by bigbigben » Thu Jan 24, 2008 10:53 pm
I am using Dynare to estimate a DSGE model (MLE). I choose the default searching algorithm by Sims by setting mode_compute=4. The trouble is that some times I got log-likelihood is positive. What does that mean? The possibility is higher than one?
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by glucke » Wed Jan 30, 2008 10:27 am
It's OK, because likelihood is density. It's not probabylity for continius distribution function. It could be ilustrated by comaring of normal density(at point of mean) with standart deviation equal to 10^-2.
Sorry for my English. I'm from Russia.
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