  We introduce a new model for sums of exchangeable binary random variables.
The proposed distribution is an approximation to the exact distributional form,
and relies on the theory of completely monotone functions and the Laplace
transform of a gamma distribution function. Using Monte Carlo methods, we show
that this new model compares favorably to the beta binomial model with respect
to estimating the success probability of the Bernoulli trials and the
correlation between any two variables in the exchangeable set. We apply the new
methodology to two classic data sets and the results are summarized.

Methodology