Document Type
Report
Source Publication Title
Technical Report 187
Abstract
The incorporation of prior information about a parameter into a statistical procedure is an essential feature of Bayesian statistics. However, the manner in which this is done is often arbitrary. In order to reduce such arbitrariness, 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 which is embedded in any prior distribution of the parameter. To illustrate the implementation of the methodology, the most conservative beta prior distribution under a binomial sampling model is determined for three situations: (1) no prior estimate of ^, where ^ is the success probability, is available, (2) a prior point estimate of ^ is available, and (3) a prior interval estimate of ^ is available.
Disciplines
Mathematics | Physical Sciences and Mathematics
Publication Date
6-1-1982
Language
English
License
This work is licensed under a Creative Commons Attribution-NonCommercial-Share Alike 4.0 International License.
Recommended Citation
Chiou, Paul and Dyer, Danny D., "The Most Conservative Beta Prior Distribution for Binomial Sampling" (1982). Mathematics Technical Papers. 313.
https://mavmatrix.uta.edu/math_technicalpapers/313