Suppose that In Example 18.6 the electrical firm does not have enough prior information regarding the population
Suppose that In Example 18.6 the electrical firm does not have enough prior information regarding the population mean length of life to be able to assume a normal distribution for p. The firm believes, however, that p. is surely between 770 and 830 hours and it is fell that a more realistic Bayesian approach would be to assume the prior distribution π (μ) = 1/60, 770 < p < 830. If a random sample: of 25 bulbs gives an average life of 780 hours, follow the steps of the proof for Example18.4 to find the posterior distribution π (μ׀x1, x2 ,...,x25,).Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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