Suppose our prior belief is is just as likely to be below 8 as it is
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Suppose our prior belief is σ is just as likely to be below 8 as it is to be above 8. (Our prior distribution g(σ) has median 8.) Determine an S x an inverse chi-squared(k) that matches our prior median where we use k = 1 degree of freedom.
(a) Find the posterior using the macro NVarICP in Minitab or the function nvaricp in R.
(b) Find the posterior mean and median.
(c) Find a 95% Bayesian credible interval for σ.
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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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