6.4 Conjugate prior for the bivariate regression model
6.4.1 The problem of updating a regression line
In Section 6.3, we saw that with the regression line in the standard form the joint posterior is
For reasons that will soon emerge, we denote the quantities derived from the data with a prime as , , , , , , , etc. In the example on rainfall, we found that and
Now suppose that we collect further ...
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