is used as the marginal distribution for the variance parameter of a normal distribution whose mean and variance are unknown; and when the conditional mean of that distribution is given by
P(m;ν,α,β,γ,τ,μ)∝1√νe1ντ(m−μ)
to create a five parameter prior distribution for both mean m and variance ν of the normal distribution parameters proportional to
P(m,ν;α,β,γ,τ,μ)∝να−12e−βν−γν e1ντ(m−μ)
Upon observation of n independent samples {xi}ni=1 presumably drawn from said distribution the posterior distribution takes the same form provided we update the parameters as follows
α′=α−n2β′=β+12n∑i=1(xi−ˉx)2++n2(ˉx−μ)21+nτμ′=μ+τnˉx1+nττ′=τ1+nτγ′=γ
where ˉx is the mean of {xi}ni=1. The mentioned paper contains a mistake in the update for β.
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