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This example illustrates how to find the Bayes estimator, under squared error loss function, of the rate of a Poisson distribution if the prior distribution on the rate is a gamma distribution.
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The Bayesian approach to statistics is fundamentally different from the classical approach that we have been discussing. However, some aspects of the Bayesian approach can be quite helpful to other…
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Sample values such as the smallest, largest, or middle observations from a random sample can provide additional summary information. The minimum, maximum, or median are all examples of order…
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Oftentimes when two random variables (X, Y) are observed, the values of the two variables are related. For example, it may be that knowledge about the value of X gives information about the value of…
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All of the models previously discussed involved only one random variable and were called univariate models. We now move forward and discuss probability models that involve more than one random…
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