Suppose that the heights of the individuals in a certain population have a normal distribution for which the value of the mean is unknown and the standard deviation is 2 inches Suppose also that the prior distribution of is a normal distribution for which the mean is 68 inches and the standard devi...

It was shown in Exercise 7 of Sec 73 that the posterior distri ...

Suppose that the heights of the individuals in a certain population have a normal distribution for which

Question:

Suppose that the heights of the individuals in a certain population have a normal for which the value of the mean θ is unknown and the standard deviation is 2 inches. Suppose also that the prior of θ is a normal for which the mean is 68 inches and the standard deviation is 1 inch. Suppose finally that 10 people are selected at random from the population, and their average height is found to be 69.5 inches.
a. If the squared error loss function is used, what is the Bayes estimate of θ?
b. If the absolute error loss function is used, what is the Bayes estimate of θ?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...