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Author: GeostatsGuy

Interactive_Model_Fitting.ipynb

@@ -74,6 +74,21 @@
     "\\hat{\\beta}^{OLS}= {\\text{arg min}}_{\\beta} \\rightarrow P(X | \\hat{f}_{\\beta}(X))\n",
     "\\end{equation}\n",
     "\n",
+    "#### Comparing OLS and MLE Approaches\n",
+    "\n",
+    "We calculate the model parameters, such that we:\n",
+    "\n",
+    "**OLS**: - minimize the sum of the squared differences between the observed values and the values predicted by the model.\n",
+    "\n",
+    "**MLE**: - maximize the likelihood of the observed data given the model.\n",
+    "\n",
+    "Both methods assume sufficient sample data, sample data representativity, correct model specification, in adddition:\n",
+    "\n",
+    "**OLS**: - assumes that the errors have a mean of zero, constant variance and are independent of eachother (no correlation in error).\n",
+    "\n",
+    "Wit\n",
+    "\n",
+    "\n",
     "#### Load and Configure the Required Libraries\n",
     "\n",
     "The following code loads the required libraries and sets a plotting default."