(Solution) - Use the data in Table 11 19 on page 762 This time -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Use the data in Table 11.19 on page 762.This time fit the model developed in Example 12.5.6. Use the prior hyper parameters ?0 = ?0 = 1, ?0 = 0.1, u0 = 0.001, and ?0 = 800. Obtain a sample of 10,000 from the posterior joint distribution of the parameters. Estimate the posterior means of the three parameters ?1, ?2, and ?3.