Bayesian reliability modeling with a new loss function and numerical simulation

V. A. R. Camara & C. P. Tsokos
The aim the present study is to develop a Bayesian reliability model using a new loss function that has been introduced by Higgins and Tsokos. The underlyng failure model is the exponential and four priors are being used: the inverted gamma , the general uniform, the exponential and the lognormal. The concept of efficienncy along with the notion of integrated mean square are being used as a criterion to analytically and numerically compare our findings...