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What are the mean and variance of the posterior

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Reference no: EM132845114

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

Reference no: EM132845114

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