I'm probably overlooking something rather obvious here but how is the variance of llamda calculated? (Answers have 1/12 which I'm unable to agree!) Thanks
We're assuming that λ ~ U(0,1) using the formula on page 13 of the Tables (as it's a continuous uniform - just in case it's that...) we have (b-a)²/12 = (1-0)²/12 = 1/12
