(В) 6.4 (C) 6.8 (D) 7.2 (E) 7.6 You are given: (i) The probability that an insured will have exactly one claim is 0. (ii) The prior distribution of 0 has probability density function: 7(0) =J0, 0<0 <1 2
(В) 6.4 (C) 6.8 (D) 7.2 (E) 7.6 You are given: (i) The probability that an insured will have exactly one claim is 0. (ii) The prior distribution of 0 has probability density function: 7(0) =J0, 0<0 <1 2
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Part 2
Transcribed Image Text:(E,-0,)
Estimate 0 by minimizing the function
where E, is the expected number of
j=1
losses in the jth interval and O, is the observed number of losses in the jth interval.
(A)
6.0
(B)
6.4
(C)
6.8
(D)
7.2
(E)
7.6
You are given:
(i)
The probability that an insured will have exactly one claim is 0.
(ii)
The prior distribution of 0 has probability density function:
3
7(0) =
Vo, 0<0<1
2
A randomly chosen insured is observed to have exactly one claim.
Determine the posterior probability that 0 is greater than 0.60.
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