01476nas a2200145   4500008004100000245009100041210006900132260000900201300001200210490000700222520093200229653001701161100002101178856013101199       2001                        eng d00aOn Bayesian Predictive Moments of Next Record Value Using Three-parameter Gamma Priors0 aBayesian Predictive Moments of Next Record Value Using Threepara  c2001  a729-7380 v303 aA forecasting model of next record value proposed by Hill [1] assumes the underlying distribution F(x) is of an algebraic functional form with a shape parameter a for large x. That is, 1 - F(x) ?Cx-a, for large x. In this article, we extend his model by incorporating a three-parameter Gamma prior of a to derive analytical solutions of the predictive distribution and moments of X given that X is a new record value. These closed-form formulas can be represented as ratios of moments of Gamma distributions. We apply the proposed model to a real-life data set that consists of the insured property losses of 33 catastrophes caused by tropical storms in the United States in 1995. The example illustrates the importance of incorporating prior experience and accounting for uncertainty in parameter estimation when forecasting record values. Both considerations are the main ingredients in the development of the proposed model.10aSupply Chain1 aHsieh, Ping-Hung  uhttps://dev.business.oregonstate.edu/biblio/bayesian-predictive-moments-next-record-value-using-three-parameter-gamma-priors-0