Selection of Beta Prior Given Knowledge of Two Quantiles
Finds the shape parameters of a beta density that matches knowledge of two quantiles of the distribution.
beta.select(quantile1, quantile2)
quantile1 |
list with components p, the value of the first probability, and x, the value of the first quantile |
quantile2 |
list with components p, the value of the second probability, and x, the value of the second quantile |
vector of shape parameters of the matching beta distribution
Jim Albert
# person believes the median of the prior is 0.25 # and the 90th percentile of the prior is 0.45 quantile1=list(p=.5,x=0.25) quantile2=list(p=.9,x=0.45) beta.select(quantile1,quantile2)
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