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Recall the St. Petersburg game. It starts at $2. Toss a coin and if a head appears, the pot doubles. If tails appears, you win the pot at that time and the game ends. So, if you get H, H, H T, you win $16. The payoff table is,
First head on toss:
Assume that your utility function is .
Question 1A. What is the expected monetary value of the game, and what should you be willing to pay to play this game?
Question 1B. Do these values differ? If so, explain why the do.
Question 1C. What is the risk premium you are willing to pay to avoid the uncertainty of the gamble.
A statistical analysis of 1000 long distance telephone calls made from the headquarters of the Bricks and Clicks Computer Corporation indicates that the length of these call
If they remain at the machine long enough to observe 32 feet of aluminum being produced, what is the probability that they will have left the area before the next defect occ
Formulate and LP model for this problem using Excel. Sketch the feasible region for this problem using Excel. Find the optimal solution
As Frankforter notes, the rise and prosperity of Egyptian civilization parallels that of the Sumerian civilization. Like the Sumerians, Egyptians found the fertility of a ri
The experiment indicates a sample average diameter x BAR = 5.027 millimeters. Does this sample information appear to support or refute the engineer's conjecture?
If both of these problems are present, the car is a "hazard." Your instructor pur- chased one of these cars yesterday. What is the probability it is: A lemon and A hazard
Coke cans: n=36, mean of values in sample = 12.19 oz., s= 0.11 oz. Test the claim that the mean equals 12 oz. Use a significance level of alpha = 0.02.
Discuss what happens to the width of the confidence interval as the confidence level is increased. Does this seem reasonable? Explain.
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