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Parameter Estimation and Prediction of Exponential Life Time Model via Bayesian Approach

Muneeb Javed, Muhammad Saleem, Alamgir .

Abstract


In this paper, the Bayesian analysis for Exponential model assuming uninformative (Jeffrey’s and Uniform) and informative conjugate (inverted gamma and two component inverted gamma mixture) priors are presented. The comparison between two approaches are made on the basis of Bayes estimates, posterior risks, credible intervals and highest posterior density regions for different sample sizes and parameter values. The Bayesian predictive intervals assuming informative priors are calculated for different combinations of the hyperparameters to discover the range of hyper-parameters that lead towards more precise estimates of the parameters of interest.


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References


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