The survival function is S(t) = 1 − F(t), or the probability that a person/machine/business lasts...

The survival function is S(t) = 1 − F(t), or the probability that a person/machine/business lasts longer than t time units. The hazard function is h(t) = f(t)/S(t). Here F(t) is the cdf and f(t) is the pdf. It is the probability that the person/machine/business dies in the next instant, given that it survived to time t. Determine the hazard function for the Exponential(λ) distribution. How does the expression for the exponential hazard function related to the memoryless property of the exponential distribution (explain in words)?

Expert Solution

orchestra answered 2 years ago

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f(t) = 1- t 0<t<1 a function f(t) defined on an interval 0 < t <...

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