In a clinical trial, let the probability of successful outcome have a prior distribution that is
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In a clinical trial, let the probability of successful outcome θ have a prior distribution that is the uniform distribution on the interval [0, 1], which is also the beta distribution with parameters 1 and 1. Suppose that the first patient has a successful outcome. Find the Bayes estimates of θ that would be obtained for both the squared error and absolute error loss functions.
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The posterior distribution of would be the beta distribution with parameters 2 and 1 ...View the full answer
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