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) Define the following terms: Estimator Unbiasedness Mean Square Error Consistency i) Mention any two methods of estimation in) Trace the steps for finding the

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) Define the following terms: Estimator Unbiasedness Mean Square Error Consistency i) Mention any two methods of estimation in) Trace the steps for finding the ML in straightforward two Parameter cases, iv) Explain briefly the importance of the CRLB, in term of efficiency confidence interval and v) The claims arising from a certain portfolio of a general insurance company are believed to have a Pareto distribution with parameters a and = 60,000. The value of a is unknown and is to be estimated using data from a random sample of 10 claims. The amount, in INR thousands, paid by the insurer on eight claims. are given below: 25.4 17.3 21.1 26.1 15.1 16.9 24.5 14.1 The two remaining claims were known to be greater than INR 30,000 (and were passed onto a reinsurer) find the maximum likelihood estimate of alpha

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