Prior and Posterior Distributions
Hi. I have this problem.
Suppose that the time in minutes required to servce a customer at a certain shop has an exponential distribution expressed as
,
, where the parameter
is unknown. Suppose that the prior distribution of gamma with mean
and standard deviation
. The average time of service for a random sample of
customers is obserced to be
minutes.
a) Find an expression for the joint density of the individual customer service times
.
So, the answer is just )
b) Find an expression for the prior density of
.
I'm not quite sure. I worked out Gamma's k value is
and
, but I don't think there's anthing to do with that.
c) Determine the posterior distribution up to a constant of proportionality.
i don't know how to do this...
d) Hence deduce the posterior distribution of
.
e) Use the mean of this posterior to estmate
.