The number of claims received by an insurance company during a week follows a Poisson ( )

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The number of claims received by an insurance company during a week follows a Poisson ( ) distribution. The weekly number of claims observed over a ten week period are: \(5,8,4,6,11,6,6,5,6,4\).

(a) Suppose a prior uniform distribution is used for

i. Find the posterior distribution for .

ii. What are the posterior mean, median, and variance in this case?

(b) Suppose Je reys' prior is used for

i. Find the posterior distribution for .

ii. What are the posterior mean, median, and variance in this case?

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Related Book For  answer-question

Introduction To Bayesian Statistics

ISBN: 9781118091562

3rd Edition

Authors: William M. Bolstad, James M. Curran

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