Exercise2.73introducedthe Paretodistribution, whichhas pdf f(y;) = ~y+1 for y 1 and a parameter > 0.

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Exercise2.73introducedthe Paretodistribution, whichhas pdf f(y;α) = α~yα+1 for y ≥ 1 and a parameter α > 0. Astudyusesthisfamilytomodel n independentobservationsonincome.

Find thelikelihoodfunctionandtheMLestimatorof α and itsasymptoticvariance.

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