Bayesian Point Estimation
What are the Bayesian Point of estimation and what are the process of inference in Bayesian statistics?
Expert
Bayesian Point Estimation:
A) Bayesian Statistics is one way of incorporating prior information about a parameter into the estimation process.
B) Adherents claim that this helps to make the estimation more relevant to the scientic problem at hand.
C) Opponents counter that it makes statistical inference subjective.
D) The underlying principle of Bayesian statistics also diers from the more common Frequentist inference that we have covered to date.E) In Bayesian statistics, all unknown quantities are considered random variables.
F) Thus the parameters of a distribution are now considered random.
G) The usual model is then considered to be a conditional distribution of the data given the parameters.
H) Since the parameter vector θ is considered random it also has a distribution.
I) The marginal distribution of θ is called the Prior Distribution.
J) The prior distribution is supposed to capture our beliefs about θ before the collection of data.The process of inference in Bayesian statistics is as follows.
1. Specify a conditional distribution of the data given the parameters. This is identical to the usual model specication in frequentist statistics.
2. Specify the prior distribution of the model parameters Π(θ).
3. Collect the data, X = x.
4. Update the prior distribution based on the data observed to give a Posterior Distribution of the parameters given the observed data x, Π(θ|x).
5. All inference is then based on this posterior distribution.
what are the advantages and disadvantages of seasonal variation
As of last year, only 20% of the employees in an organization used public transportation to commute to and from work. To determine if a recent campaign encouraging the use of public transportation has been effective, a random sample of 25 employees is to be interviewe
Explain sampling bias and describe how random sampling serves to avoid bias in the process of data collection.
Assigment Question Select any two manufacturing companies and formulate the cost and revenue functions of the companies. analyse the statistics of the data and then sketch the functions and determine their breakeven points. (Note: You are required to interview the production and sales manag
Activity 10: MANOVA and Reflection 4Comparison of Multiple Outcome Variables This activity introduces you to a very common technique - MANOVA. MANOVA is simply an extension of an ANOVA and allows for the comparison of multiple outcome variables (again, a very common situation in research a
1) Construct a 99% confidence interval for the population mean µ. 2) At what significance level do the data provide good evidence that the average body temperature is
You must use the pre-formatted cover sheet when you hand in the assignment. Out full detailed solutions. Sloppy work will naturally receive a lower score. 1. Suppose at each step, a particle moving on sites labelled by integer has three choices: move one site to the right with pro
Random variables with zero correlation are not necessarily independent. Give a simple example.
Quality control: when the output of a production process is stable at an acceptable standard, it is said to be "in control?. Suppose that a production process has been in control for some time and that the proportion of defectives has been 0.5. as a means of monitorin
18,76,764
1922632 Asked
3,689
Active Tutors
1433652
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!