Bayesian Statistics Problem

Question

Suppose that you are about to analyze new data from an experiment, with particular interest in estimating a parameter β that varies by group. Published data suggests that β has a mean of about 1.2 and a standard deviation of about 0.8. The observed values corresponding to β in your data have a mean of about 1.0 and a standard deviation of about 0.9. If you use a prior of a normal distribution with a mean of 1.0 and a standard deviation of 0.9, then you are using a method known as___________________

Answer 1

The method which we are using, in this case, is a part of a method known as Bayesian Inference for Normal mean. Here in evaluating the Bayesian Inference for Normal mean, we use in circumstances like above where we need to evaluate: mean ( u) and standard deviation of a normal distribution from a given set of observational values.