You are given that claims are reported according to a homogeneous Poisson process. Starting from time zero, the expected waiting time until

Question

You are given that claims are reported according to a homogeneous Poisson process. Starting from time zero, the expected waiting time until the second claim is three hours. Calculate the standard deviation of the waiting time until the second claim.

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Sarah 1 month 2021-10-26T17:09:59+00:00 1 Answer 0 views 0

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    2021-10-26T17:11:33+00:00

    Answer:

    1.732

    Step-by-step explanation:

    You are given that claims are reported according to a homogeneous Poisson process

    LetX be the waiting time from 0 to second claim

    X is Poisson with averageof 3 hours.

    We know in a Poisson distribution the mean = variance

    Hence average waiting time = mean = 3

    This will also be equal to var(x)

    Var(x) = mean of Poisson distribution= 3

    Hence standard deviation = square root of variance

    =\sqrt{3} \\=1.732

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