An administrator at a certain prestigious university in the Northeast U.S. wants to estimate the time-to-degree of
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Question:
1. He considers two different choices for the parameters of the Gamma prior: (a,b) = (5,2) and (a.b) = (7.5,3). Given the problem setting, which do you think is the better choice? Explain your answer.
2. The data from his institution consists of 45 observations with a mean of 6.1 years. What is the posterior distribution?
3. Compare the prior and posterior distributions. Comment.
4. What are some potential problems in using the “started exponential” as a model in this setting?
Related Book For
An Introduction to Statistical Methods and Data Analysis
ISBN: 978-1305269477
7th edition
Authors: R. Lyman Ott, Micheal T. Longnecker
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