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A Comparison of Maximum Likelihood and Bayesian Estimators for the Three‐Parameter Weibull Distribution
Author(s) -
Smith Richard L.,
Naylor J. C.
Publication year - 1987
Publication title -
journal of the royal statistical society: series c (applied statistics)
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.205
H-Index - 72
eISSN - 1467-9876
pISSN - 0035-9254
DOI - 10.2307/2347795
Subject(s) - statistics , weibull distribution , mathematics , estimator , maximum likelihood , bayesian probability , m estimator , econometrics
SUMMARY Maximum likelihood and Bayesian estimators are developed and compared for the three‐parameter Weibull distribution. For the data analysed in the paper, the two sets of estimators are found to be very different. The reasons for this are explored, and ways of reducing the discrepancy, including reparametrization, are investigated. Our overall conclusion is that there are practical advantages to the Bayesian approach.