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Noninformative priors for stress-strength reliability in the Pareto distributions  

Kang, Sang-Gil (Department of Computer and Data Information, Sangji University)
Kim, Dal-Ho (Department of Statistics, Kyungpook National University)
Lee, Woo-Dong (Department of Asset Management, Daegu Haany University)
Publication Information
Journal of the Korean Data and Information Science Society / v.22, no.1, 2011 , pp. 115-123 More about this Journal
Abstract
In this paper, we develop the noninformative priors for stress-strength reliability from the Pareto distributions. We develop the matching priors and the reference priors. It turns out that the second order matching prior does not match the alternative coverage probabilities, and is not a highest posterior density matching or a cumelative distribution function matching priors. Also we reveal that the one-at-a-time reference prior and Jeffreys' prior are the second order matching prior. We show that the proposed reference prior matches the target coverage probabilities in a frequentist sense through simulation study, and an example is given.
Keywords
Matching prior; Pareto distribution; reference prior; stress-strength reliability;
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Times Cited By KSCI : 3  (Citation Analysis)
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