September 2012
Beginner to intermediate
536 pages
14h 40m
English
book
Loss Models: From Data to Decisions, 4th Edition
by Stuart A. Klugman, Harry H. Panjer, Gordon E. Willmot
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CHAPTER 15
BAYESIAN ESTIMATION
All of the previous discussion on estimation has assumed a frequentist approach. That is, the population distribution is fixed but unknown, and our decisions are concerned not only with the sample we obtained from the population, but also with the possibilities attached to other samples that might have been obtained. The Bayesian approach assumes that only the data actually observed are relevant and it is the population distribution that is variable. For parameter estimation, the following definitions describe the process and then Bayes’ theorem provides the solution.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.