In Exercise 2, suppose that you feel that in comparing p = .6 and p = .4,
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In Exercise 2, suppose that you feel that in comparing p = .6 and p = .4, the odds are 3-to-2 in favor of p — .6. Furthermore, in comparing p = A and p = .5, the odds are 5-to-l in favor of p = .5. On the basis of these odds, find your prior distribution for p. Does this suggest one possible approach to the assessment of a prior distribution in the discrete case?
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Statistics Probability Inference And Decision
ISBN: 9780030778056
1st Edition
Authors: Robert L. Winkler, William L. Hays
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