# Using MLE vs. OLS

When is it preferable to use Maximum Likelihood Estimation instead of Ordinary Least Squares? What are the strengths and limitations of each? I am trying to gather practical knowledge on where to use each in common situations.

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(-1) It's not true that the student $t$ can be depended upon to deal with the outliers. See the example here or chapter 2 of this textbook for more explanations. –  user603 Feb 16 '14 at 10:58