Maximum likelihood when some data are censored
You study how long positions stay open before being closed, modeling durations as exponential with rate . When your observation window ends, some positions are still open, you only know each such duration exceeded its window length . These are right-censored.
Write the correct likelihood and derive the MLE of , and explain why dropping the censored points is wrong.
Your answer
This one is open-ended. Work it through, then check your reasoning against the full solution.