I feel like I'm missing something simple here but I'll ask anyway...where exactly does expert opinion get included in this method?
Is it more in the selection of the prior distribution and parameters? Or is it when you are calculating the initial LDFs to get to your estimates of ultimate by AY?
The calcs are pretty easy on these problems but the underlying detail is where I'm getting tripped up.
Is it more in the selection of the prior distribution and parameters? Or is it when you are calculating the initial LDFs to get to your estimates of ultimate by AY?
The calcs are pretty easy on these problems but the underlying detail is where I'm getting tripped up.
Verrall Expert Opinion
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