Bayes Risk Analysis of Weibull Survival Model Using Informative Priors

Abstract

In this paper, two parameter Weibull distribution is considered and the Bayes risk of survival function is obtained by assuming informative priors such as Lognormal-Inverted Gamma and Extended Inverse Gamma-Extended Inverse Gamma using various types of loss functions as Quadratic loss, Weighted loss, Precautionary loss and Squared Logarithmic loss. To illustrate the methodology, simulation study is carried out and done the Bayesian parametric analysis.