update_normal_inverse_gamma

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function update_normal_inverse_gamma(x:Real, μ:Real, λ:Real, α:Real, β:Real) -> (Real, Real)

Update the parameters of an inverse-gamma distribution that is part of a normal inverse-gamma joint distribution.

• x: The variate.
• μ: Mean.
• λ: Precision.
• α: Prior shape of the inverse-gamma.
• β: Prior scale of the inverse-gamma.

Returns: the posterior hyperparameters α' and β'.