In terms of Bayesian Credibility, I am having trouble identifying when we are being asked for the predictive distribution and when we are being asked for the posterior.
Example: ASM page 931, Question 47.20
The problem is asking "Bayesian Premium". At the bottom of page 860 in the footnote, Abe states "Bayesian Premium refers to the predicted expected value of the next trial....It is the expected value of teh predictive distribution of whatever you're working with".
So, why is the solution for Question 47.20, which asked for the Bayesian Premium using the posterior distribution?
Example: ASM page 931, Question 47.20
The problem is asking "Bayesian Premium". At the bottom of page 860 in the footnote, Abe states "Bayesian Premium refers to the predicted expected value of the next trial....It is the expected value of teh predictive distribution of whatever you're working with".
So, why is the solution for Question 47.20, which asked for the Bayesian Premium using the posterior distribution?
Predictive vs Posterior
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