10
Suppose you believe a customer will buy your product with a probability of 0.5 . You then collect data on 20 incoming (independent) customers and find that 7 of them will purchase your product. Using the beta binomial model (with a Beta( 1,7 ) prior) on the probability
q
that a customer will buy your product, what is the updated expected value of the posterior probablity of purchase?
6.25
points
Multiple Choice
00.38 .35
0.175
0.700
0.364
IC
faw
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