Suppose that the proportion of defective items in a large manufactured lot is unknown, and the prior distribution of is the uniform distribution on the interval 0, 1 When eight items are selected at random from the lot, it is found that exactly three of them are defective Determine the posterior di...

The conditions of this exercise are p ...

Suppose that the proportion of defective items in a large manufactured lot is unknown, and the

Question:

Suppose that the proportion θ of defective items in a large manufactured lot is unknown, and the prior of θ is the uniform on the interval [0, 1]. When eight items are selected at random from the lot, it is found that exactly three of them are defective. Determine the posterior 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...