62. Suppose that the number of accidents occurring daily in a certain plant has a Poisson distribution
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62. Suppose that the number of accidents occurring daily in a certain plant has a Poisson distribution with an unknown mean λ. Based on previous experience in similar industrial plants, suppose that a statistician’s initial feelings about the possible value of λ can be expressed by an exponential distribution with parameter 1. That is, the prior density is
Determine the Bayes estimate of λ if there are a total of 83 accidents over the next 10 days. What is the maximum likelihood estimate?
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Related Book For 
Introduction To Probability And Statistics For Engineers And Scientists
ISBN: 9780125980579
3rd Edition
Authors: Sheldon M. Ross
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