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Exponential Lifetimes.
A lifetime X(in years) of a particular device is modeled byan exponential distribution with unknown rate parameterθ. The lifetimes ofX1= 5,X2= 6,andX3= 4 are observed. Assume that an expert familiar with this type of devices suggested that θ has exponential distribution with mean 3
(a) For the prior suggested by the expert, find the posterior.
(b) What are the mean and variance of the posterior
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Manual calculations.
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