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BAYESIAN ESTIMATES (following Hogg, McKean & Craig, exercise 11.2.2) Let 1, 2, ..., 10 be a random sample from a gamma distribution with =3 and
BAYESIAN ESTIMATES (following Hogg, McKean & Craig, exercise 11.2.2) Let 1, 2, ..., 10 be a random sample from a gamma distribution with =3 and =1/. Suppose we believe that follows a gamma-distribution with =3 and =2: a) Find the posterior distribution of . b) If the observed =16.7, what is the Bayes point estimate associated with the square-error loss function? c) What is the Bayes point estimate using the mode of the posterior distribution?
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