You are studying Bard's biased coin. Your prior hyperparameters for (pi), the probability of heads, is (a_{0}=9)

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You are studying Bard's biased coin. Your prior hyperparameters for $\pi$, the probability of heads, is $a_{0}=9$ and $b_{0}=12$. Find the $90 \%$ symmetric credible interval for $\pi$ after each update.

(a) You flip 23 heads and 18 tails.

(b) You flip again, and get 458 heads and 366 tails.

(c) You finally flip 5571 heads and 4429 tails.

(d) How many times do you need to flip the coin in total for the width of $I_{0.1}^{\pi}$ to be less than 0.01 ?

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The Bayesian Way Introductory Statistics For Economists And Engineers

ISBN: 9781119246879

1st Edition

Authors: Svein Olav Nyberg

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Question Posted: Mar 17, 2024 08:00 AM

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You are studying Bard's biased coin. Your prior hyperparameters for (pi), the probability of heads, is (a_{0}=9)

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The Bayesian Way Introductory Statistics For Economists And Engineers

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