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Objective Bayesian analysis of the Frechet stress–strength model
Institution:1. School of Finance and Statistics, East China Normal University, Shanghai 200241, China;2. Department of Statistics, University of Azad Jammu and Kashmir, Muzaffarabad, Pakistan;1. Department of Mathematics, Beijing Jiaotong University, Beijing 100044, PR China;2. School of Science, Beijing Technology and Business University, Beijing 100048, PR China;1. Water Management Department, Faculty of Civil Engineering and Geosciences, Delft University of Technology, Delft, Netherlands;2. Delft Center for Systems and Control, Faculty of Mechanical, Maritime and Materials Engineering, Delft University of Technology, Delft, Netherlands;1. Quantitative Methods and Operations Management Area, Indian Institute of Management, Kozhikode, Kerala, India;2. Santipur College, Department of Mathematics, West Bengal, India;1. Department of Electrical and Computer Engineering, Tufts University, Medford, MA 02155, USA;2. Department of Computer and Information Science, University of Macau, Macau 999078, China;3. Department of Electrical and Computer Engineering, University of Texas at San Antonio, San Antonio, TX 78249, USA
Abstract:Several reference priors and a general form of matching priors are derived for a stress–strength system, and it is concluded that none of the reference priors is a matching prior. The study shows that the matching prior performs better than Jeffreys prior and reference priors in meeting the target coverage probabilities.
Keywords:Frechet distribution  Reference priors  Matching priors  Jeffreys prior  Bayesian inference
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