When we used Bayes theorem to update the probabilities that eKnow would be a Success, Potential, or
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a. Use Bayes’ theorem a second time to update the posterior probabilities that incorporate the 18 Definitely-Purchase responses.
b. Suppose you did not have time to update the equal probability values of 1/3, 1/3, 1/3 for Success, Potential, and Failure after the first hour. Starting with these equal probability values show that having 35 Definitely-Purchase responses in two hours produces the same updated probabilities as computing the updated probabilities after each hour.
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Related Book For
Making Hard Decisions with decision tools
ISBN: 978-0538797573
3rd edition
Authors: Robert Clemen, Terence Reilly
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