A machine's lifetime (in hours) is modeled as a random variable X∼Exponential(λ). Suppose the observed lifetimes (in hours) of the machine over 8 trials are:
5.2, 0.8, 3.4, 2.5, 1.1, 4.0, 6.3, 2.9
Assume that the parameter λ has a prior distribution given by λ∼Uniform(0,2). Find the maximum a posteriori (MAP) estimate of λ. Enter the answer correct to two decimal plaes.
Recall that:
λ^MAP=argmaxλf(λ∣{X1,…,Xn}),
where f is the posterior distribution.