Bayesian Results for the Inverse Gaussian Distribution with an Application

Abstract

Some Bayesian results are derived for the inverse Gaussian family of distributions with noninformative reference prior as well as the natural conjugate prior. With a particular parameterization, the posterior distributions are found to have remarkable similarities with the corresponding results for the normal model. Finally, an application of the Bayesian results is given toward analyzing some equipment failure data.

KEYWORDS:

• Inverse Gaussian distribution
• Bayesian inference