On the Usefulness of the Maximum Entropy Principle in the Bayesian Estimation of Reliability |
| |
Authors: | Deely John J Tierney Martin S Zimmer William J |
| |
Affiliation: | University of Canterbury, Christchurch, New Zealand.; |
| |
Abstract: | The use of the maximum entropy principle for determining prior distribution is compared with other techniques in statistical-decision theory for estimating reliability. The comparison is made in the context of estimating the parameter representing the probability of success in a binomial model and the parameter representing the mean time to failure in a simple exponential model. The existence of partial prior information of varying degrees is also assumed. When a quadratic loss function is used, the techniques based on the maximum entropy principle lose much of their appeal. |
| |
Keywords: | |
|
|