Winwood Lowson Ltd

World of Warcraft boosts and carries, performed by top players for in-game gold. Mythic and Heroic Raids, M+ dungeons and Arenas.

Exponential Data Suppose you’re waiting for a bus that you think comes on average once every 10 minutes, but you’re not sure exactly how often it comes. $$ Y \sim Exp(\lambda) $$ Your waiting time has a prior expectation of $\frac{1}{\lambda}$ It turns out the gamma distribution is conjugate for an exponential likelihood. We need to specify a prior, or a particular gamma in this case. If we think that the buses come on average every ten minutes, that’s a rate of one over ten. $$ prior_{mean} = \frac{1}{10} $$ Thus, we’ll want to specify a gamma distribution so that the first parameter divded by the second parameter is $\frac{1}{10}$