Consider the arrival times data of problem

Assignment Help Basic Statistics

Reference no: EM131110275

Consider the arrival times data of Problem 1 and again take α = 3 but change the prior to be uniform, namely,

so that

Find the Bayes estimator given by (16.15) and compare your answer to that of Problem 1. What is the posterior probability that the bus will be more than 10 min late? Is the unknown prior reasonable for a situation where a priori the bus has a tendency to be late?

Problem 1

The morning arrival times for 10 days of a school bus at the Tipperary street pickup stop are 8:05, 8:06, 8:09, 8:12, 8:03, 8:15, 8:11, 8:16, 8:00, and 8:14. The scheduled pickup time is 8:05 but past experience has led the students to believe there is a tendency for the bus to arrive late rather than be on time or early. For convenience we relabel so that 8:00 is represented by 0, 8:05 by 5, and so forth, hence we can consider the possible arrival interval to be [0, 20]. To utilize the students' experience, we choose the prior where the prior density μ' = f₀ is

This choice makes arrivals a priori three times more likely to be in the interval [10, 20] than in the interval [0, 10]. The corresponding prior distribution μ is

For the choice α = 3, find the Bayes estimator given by (16.15). What is the posterior probability that the bus will be more than 10 min late?

Reference no: EM131110275

Questions Cloud

What key advantages and disadvantages are associated : What key advantages and disadvantages are associated with holding companies? What is pyramiding and what are its consequences?

What is the nature of this lease to brecker company : Brecker Company's incremental borrowing rate is 12% a year (1% a month). Emporia's implicit rate is unknown.

Briefly describe each of the following takeover defenses : Briefly describe each of the following takeover defenses against a hostile merger: (a) White knight, (b) Poison pill, (c) Greenmail, (d) Leveraged recapitalization, (e) Golden parachutes, and (f) Shark repellents.

Health savings accounts-make tax-deductible contributions : Health savings accounts (HSAs) A. allow employees, but not employers, to make tax-deductible contributions to an account. B. are accessible to those with qualifying insurance plans with annual deductibles of $500 or more. C. are accessible to employe..

Consider the arrival times data of problem : Find the Bayes estimator given by (16.15) and compare your answer to that of Problem 1. What is the posterior probability that the bus will be more than 10 min late? Is the unknown prior reasonable for a situation where a priori the bus has a ten..

What do you suppose were their policy recommendations : Michael Tanner and Stephan Moore of the Cato Institute recently calculated the hourly wage equivalent of welfare for a single mother with two children for each of the 50 US States. There estimates ranged from $17.50 an hour in Hawaii to $5.33 in Miss..

Compute the present value of the minimum lease payments : Prepare all necessary journal entries for Adams for this lease through January 1, 2012.

What role do investment bankers often play : What role do investment bankers often play in the merger negotiation process? What is a tender offer? When and how is it used?

How unix system affect social movement and transition : How Unix system affect social movement and transition - how the social movement and transition are affected should be reflected

User Account

All Pages