Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bayesian Methods 9.9 Zeros on a Roulette Wheel: We now wish to make a more sophisticated estimate of the number of zeros on a roulette

image text in transcribed

Bayesian Methods 9.9 Zeros on a Roulette Wheel: We now wish to make a more sophisticated estimate of the number of zeros on a roulette wheel without looking at the wheel. We will do so with Bayesian inference. Recall that when a ball on a roulette wheel falls into a non-zero slot, odd/even bets are paid; when it falls into a zero slot, they are not paid. There are 36 non-zero slots on the wheel. We assume that the number of zeros is one of {0, 1, 2, 3}. We assume that these cases have prior probability {0.1, 0.2, 0.4, 0.3}. (a) Write n for the event that, in a single spin of the wheel, an odd/even bet will not be paid (equivalently, the ball lands in one of the zeros). Write z for the number of zeros in the wheel. What is P(n|z) for each of the possible values of z (i.e. each of {0, 1, 2, 3})? (b) Under what circumstances is P(z = 0observations) NOT O? (c) You observe 36 independent spins of the same wheel. A zero comes up in 2 of these spins. What is P(z|observations)? Bayesian Methods 9.9 Zeros on a Roulette Wheel: We now wish to make a more sophisticated estimate of the number of zeros on a roulette wheel without looking at the wheel. We will do so with Bayesian inference. Recall that when a ball on a roulette wheel falls into a non-zero slot, odd/even bets are paid; when it falls into a zero slot, they are not paid. There are 36 non-zero slots on the wheel. We assume that the number of zeros is one of {0, 1, 2, 3}. We assume that these cases have prior probability {0.1, 0.2, 0.4, 0.3}. (a) Write n for the event that, in a single spin of the wheel, an odd/even bet will not be paid (equivalently, the ball lands in one of the zeros). Write z for the number of zeros in the wheel. What is P(n|z) for each of the possible values of z (i.e. each of {0, 1, 2, 3})? (b) Under what circumstances is P(z = 0observations) NOT O? (c) You observe 36 independent spins of the same wheel. A zero comes up in 2 of these spins. What is P(z|observations)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Management Theory And Cases An Integrated Approach

Authors: Charles W. L. Hill, Melissa A. Schilling, Gareth R. Jones

13th Edition

0357033841, 978-0357033845

More Books

Students also viewed these Accounting questions