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Subjective Modelling and Bayes Linear Estimation in the Uk Water Industry
Author(s) -
O'Hagan A.,
Glennie E. B.,
Beardsall R. E.
Publication year - 1992
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 - 10.2307/2348090
Subject(s) - bayes' theorem , estimation , bayes factor , statistics , econometrics , mathematics , bayesian probability , computer science , engineering , systems engineering
SUMMARY In their preparation for privatization, the English and Welsh water authorities were required to submit estimates of the amount of capital investment that would be required over 20 years to maintain, improve and extend their assets. A Bayesian analysis was adopted by two of the water authorities. We present the methodology used and illustrate it with part of an analysis used for South West Water.