Suppose that In Example 18.6 the electrical firm does not have enough prior information regarding the population

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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, x,...,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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Probability & Statistics For Engineers & Scientists

ISBN: 9780130415295

7th Edition

Authors: Ronald E. Walpole, Raymond H. Myers, Sharon L. Myers, Keying

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