Figure 11.

The likelihood function $\mathcal{L}\left(L_t^{\text{data}}|\mu \right)$ using Eq. 27 and simulated data. We set μ = 1.5 and assign other parameters with M = 1 × 10⁵, f_max = 2, h = 1, K = 1, and L₀ = 1. The estimate derived from solving Eq. 28 is $\hat{\mu }=1.502$, whereas the standard method based on the sample mean yields $\hat{\mu }=0.97$, far lower than what is displayed in the plot.