Homework Help is Here – Start Your Trial Now!
Math
Statistics
Suppose that several people try to quantify their belief about the unknown probability parameter p, 0

Suppose that several people try to quantify their belief about the unknown probability parameter p, 0

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
See similar textbooks
icon
Related questions
Question
Suppose that several people try to quantify their belief about the unknown probability parameter p, 0 <p < 1, of the geometric distribution with pmf f(x\p) = (1 – p)²-'p on r= 1,2, 3, ... . (a) The first person is not an expert and has no particular opinions on the value of p. What is a suitable non-informative prior for this person to use? (b) Two experts, A and B, suggest two priors based on their knowledge of the likely values for p: Expert A's suggested prior is Beta(5, 5), while Expert B's is Beta(4, 10). By calculating the variance of each prior, explain which expert has the stronger prior, and hence who is more certain about their opinion. (c) Give a single reason why a gamma or a normal prior would not be suitable to use for p in this situation.
Transcribed Image Text:Suppose that several people try to quantify their belief about the unknown probability parameter p, 0 <p < 1, of the geometric distribution with pmf f(x\p) = (1 – p)²-'p on r= 1,2, 3, ... . (a) The first person is not an expert and has no particular opinions on the value of p. What is a suitable non-informative prior for this person to use? (b) Two experts, A and B, suggest two priors based on their knowledge of the likely values for p: Expert A's suggested prior is Beta(5, 5), while Expert B's is Beta(4, 10). By calculating the variance of each prior, explain which expert has the stronger prior, and hence who is more certain about their opinion. (c) Give a single reason why a gamma or a normal prior would not be suitable to use for p in this situation.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS