Question: A random variable X follows an exponential distribution with mean 1/. Assume the prior distribution of is another exponential distribution with mean 2.5. Determine

A random variable X follows an exponential distribution with mean 1/β. Assume the prior distribution of β is another exponential distribution with mean 2.5. Determine the Bayes estimate of β under the absolute-error loss function.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Descriptive Statistics Questions!

A random variable X follows an exponential distribution with mean 1/. Assume that the prior distribution of is another exponential distribution with mean 4, determine the Bayes estimate of under...

18.14 A random variable X follows an exponential distribution with mean 1/. Assume that the prior distribution of is another exponential distribution with mean 4, determine the Bayes estimate of ...

This are exam related question, guide me through. Make it easy to follow. This all the information provided 1 The punctuality of trains has been investigated by considering a number of train...

Solve the financial questions. The punctuality of trains has been investigated by considering a number of train journeys. In the sample, 60%% of trains had a destination of Manchester, 20% Edinburgh...

I will be grateful for correct working The punctuality of trains has been investigated by considering a number of train journeys. In the sample, 60% of trains had a destination of Manchester, 20%...

Assume a random variable X follows the exponential distribution with rate parameter . (a) Show that V ar(X) = 1 2 . (b) Find the median of the distribution of X, compare it to the mean of X, and use...

MUST BE CORRECT ANSWERS A small software company has the following simplified cashflow, funded by shareholders' equity of 20,000 and a bank overdraft of 5000: Invoiced money received 2 months after...

STAT 200: Introduction to Statistics Final Examination, Spring 2016 OL4 Page 1 of 7 STAT 200 OL4/US2 Sections Final Exam Spring 2016 The final exam will be posted at 12:01 am on May 6, and it is due...

STAT 200: Introduction to Statistics Final Examination, Spring 2016 OL1/US1 Page 1 of 7 STAT 200 OL1/US1 Sections Final Exam Spring 2016 This is an open-book exam. You may refer to your text and...

STAT 200: Introduction to Statistics Final Examination, Spring 2016 OL1/US1 Page 1 of 7 STAT 200 OL1/US1 Sections Final Exam Spring 2016 The final exam will be posted at 12:01 am on March 4, and it...

Benson Limited issued a notice with the agenda for nine businesses to be transacted in the Annual General Meeting (two businesses were regarding the appointment of Mr. Sahu and Mr. Pranav as...

The Green Hills Water District was established on January 1 to provide water service to a suburban development. It accounts for its operations in a single enterprise fund. During the year it engaged...

Why do we multiply the cost of debt by (1 TC) when we compute the WACC?

At the end of a month, a large retail store classifies each of its customers accounts according to current (0), 3060 days overdue (1), 6090 days overdue (2), more than 90 days overdue (3). Their...