The number of claims received by an insurance company during a week follows a Poisson ( )
Question:
The number of claims received by an insurance company during a week follows a Poisson ( ) distribution. The weekly number of claims observed over a ten week period are: \(5,8,4,6,11,6,6,5,6,4\).
(a) Suppose a prior uniform distribution is used for
i. Find the posterior distribution for .
ii. What are the posterior mean, median, and variance in this case?
(b) Suppose Je reys' prior is used for
i. Find the posterior distribution for .
ii. What are the posterior mean, median, and variance in this case?
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Related Book For
Introduction To Bayesian Statistics
ISBN: 9781118091562
3rd Edition
Authors: William M. Bolstad, James M. Curran
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