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Let denote the proportion of patients with ulcers who are cured using a newly developed drug, assuming a Bernoulli model holds. Suppose the value of
Let denote the proportion of patients with ulcers who are cured using a newly developed drug, assuming a Bernoulli model holds. Suppose the value of is unknown. Two researchers, Leonard and Sheldon, assign different prior distributions to .
Leonard assigns 1() = 1, for 0<<1
Sheldon assigns 2() = 43, for 0<<1
Explain what Leonard's and Sheldon's choices of prior indicate about their beliefs of the likely values of .
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