Department of Management and Accounting, Ladoke Akintola University of Technology, P.M.B 4000, Ogbomoso, Nigeria; Department of Transport Management, Ladoke Akintola University of Technology, P.M.B. 4000, Ogbomoso, Nigeria
Salami, A.O., Department of Management and Accounting, Ladoke Akintola University of Technology, P.M.B 4000, Ogbomoso, Nigeria; Ayantoyinbo, B.B., Department of Transport Management, Ladoke Akintola University of Technology, P.M.B. 4000, Ogbomoso, Nigeria
Markov chain Monte Carlo is a general tool for simulation of complex stochastic processes useful in many types of statistical inference. The basics of Markov chain Monte Carlo are reviewed. Including choice of algorithms and variance estimation, and some new methods are introduced. The use of Markov chain Monte Carlo for maximum likelihood estimation is explained, and its performance is compared with maximum pseudo likelihood estimation.
