Discuss the advantages and the limitations of the assessment of personal probabilities.
Answer to relevant QuestionsTo continue problem 15-5, a second random sample of 12 adult crabs was collected, and it revealed that 4 individual crabs had been infected. Revise your probability distribution, and plot it. Give a credible set of highest ...In the situation of problem 15-8, another sample of 20 flights reveals that 18 of them are full. Obtain the second posterior distribution of the proportion of full flights. Graph the prior distribution of problem 15-8, as ...Explain the relationship between the method employed in problem 16-14 and the method of stratified random sampling. Explain the differences between the two methods. A financial analyst is interested in estimating the average amount of a foreign loan by U.S. banks. The analyst believes that the amount of a loan may be different depending on the bank, or, more precisely, on the extent of ...What is a hit ratio? Will a hit ratio of 67% be sufficient when one group has 100 observations, another group has 200 observations, and the ratio of these groups is believed to reflect their ratio in the population? Explain.
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