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| Titel: |
An information-theoretic approach to incorporating prior information in binomial sampling |
| Auteur: |
Dyer, Danny Chiou, Paul |
| Verschenen in: |
Communications in statistics |
| Paginering: | Jaargang 13 (1984) nr. 17 pagina's 2051-2083 |
| Jaar: |
1984 |
| Inhoud: |
The incorporation of prior information about θ, where θ is the success probability in a binomial sampling model, is an essential feature of Bayesian statistics. Methodology based on information-theoretic concepts is introduced which (a) quantifies the amount of information provided by the sample data relative to that provided by the prior distribution and (b) allows for a ranking of prior distributions with respect to conservativeness, where conservatism refers to restraint of extraneous information about θ which is embedded in any prior distribution. In effect, the most conservative prior distribution from a specified class (each member o f which carries the available prior information about θ) is that prior distribution within the class over which the likelihood function has the greatest average domination. The most conservative prior distributions from five different families of prior distributions over the interval (0,1) including the beta distribution are determined and compared for three situations: (1) no prior estimate of θ is available, (2) a prior point estimate or θ is available, and (3) a prior interval estimate of θ is available. The results of the comparisons not only advocate the use of the beta prior distribution in binomial sampling but also indicate which particular one to use in the three aforementioned situations. |
| Uitgever: |
Taylor & Francis |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 2 van 9 gevonden artikelen
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