Posterior analysis, prediction and reliability in three-parameter weibull distributions
- 1 January 2000
- journal article
- research article
- Published by Taylor & Francis in Communications in Statistics - Theory and Methods
- Vol. 29 (7) , 1435-1449
- https://doi.org/10.1080/03610920008832555
Abstract
The paper develops Bayesian analysis in the context of samples from three-parameter Weibull distributions and shows how to tackle the problems of prediction and estimation of reliability curves. As Johnson, Kotz and Balakrishnan ( 1994 ) mentioned, the prediction problems for the three-parameter Weibull model seem to be unresolved and is certainly worth looking into (p.671). Posterior analysis organized around Gibbs sampling is shown to perform well. An application to stock returns is used to illustrate the potential of the approach.Keywords
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