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10. A random variable Y modeling claim size has density function of the form fy(y)=2cye-cy² for y > 0, where c is an unknown parameter. Prior information on c suggests the gamma distribution (a = 15, λ = 24) is suitable. A sample of 40 values 40 of Y yields Σy² = 32.5. Determine the Bayesian estimator of c using a quadratic loss function.

10. A random variable Y modeling claim size has density function of the form fy(y)=2cye-cy² for y > 0, where c is an unknown parameter. Prior information on c suggests the gamma distribution (a = 15, λ = 24) is suitable. A sample of 40 values 40 of Y yields Σy² = 32.5. Determine the Bayesian estimator of c using a quadratic loss function.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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10. A random variable Y modeling claim size has density function of the form fy(y)=2cye-cy² for y > 0, where c is an unknown parameter. Prior information on c suggests the gamma distribution (a = 15, λ = 24) is suitable. A sample of 40 values 40 of Y yields Σy² = 32.5. Determine the Bayesian estimator of c using a quadratic loss function.
Transcribed Image Text:10. A random variable Y modeling claim size has density function of the form fy(y)=2cye-cy² for y > 0, where c is an unknown parameter. Prior information on c suggests the gamma distribution (a = 15, λ = 24) is suitable. A sample of 40 values 40 of Y yields Σy² = 32.5. Determine the Bayesian estimator of c using a quadratic loss function.
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