Suppose that the time in minutes required to serve a customer at a certain facility has an exponential distribution for which the value of the parameter is unknown, the prior distribution of is a gamma distribution for which the mean is 0 2 and the standard deviation is 1, and the average time requ...

It was shown in Exercise 12 of Sec 73 that ...

Suppose that the time in minutes required to serve a customer at a certain facility has an

Question:

Suppose that the time in minutes required to serve a customer at a certain facility has an exponential for which the value of the parameter θ is unknown, the prior of θ is a gamma for which the mean is 0.2 and the standard deviation is 1, and the average time required to serve a random sample of 20 customers is observed to be 3.8 minutes. If the squared 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...