Suppose that two random variables and have the joint normal gamma distribution such that E() 5 Var() 1, E( ) 1 2, and Var( ) 1 8 Find the prior hyperparameters 0, 0, 0, and 0 that specify the normal gamma distribution ...

Suppose that two random variables and have the joint normal-gamma distribution such that E() =

Question:

Suppose that two random variables μ and τ have the joint normal-gamma such that E(μ) = −5. Var(μ) = 1, E(τ ) = 1/2, and Var(τ ) = 1/8. Find the prior hyperparameters μ0, λ0, α0, and β0 that specify the normal-gamma 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...