
Likelihood is a function of the parameter
Derive a Bernoulli likelihood, compare sample-size effects and serial dependence, and reproduce why equal success counts need not mean equal sequence probabilities.
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Derive a Bernoulli likelihood, compare sample-size effects and serial dependence, and reproduce why equal success counts need not mean equal sequence probabilities.

Calculate expected loss, variance and the distribution of a two-case average, then test how copied observations and rare large failures change the evaluation.