Refer to the results of Example 16.2 given in Table 16.1. a Which of the two priors has

Chapter 16, Problem 16.1

(choose chapter or problem)

Refer to the results of Example 16.2 given in Table 16.1. a Which of the two priors has the smaller variance? b Compare the means and variances of the two posteriors associated with the beta (1, 3) prior. Which of the posteriors has mean and variance that differ more from the mean and variance of the beta (1, 3) prior? c Answer the questions in parts (a) and (b) for the beta (10, 30) prior. d Are your answers to parts (a)(c) supported by the graphs presented in Figure 16.1(a) and (b)? e Compare the posteriors based on n = 5 for the two priors. Which of the two posteriors has mean and variance that differs more from the mean and variance of the corresponding priors?

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