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Question: The claim was made in the chapter that information always has positive value. What do you think of this? Can you imagine any situation in which you would prefer not to have some unknown information revealed?
a. Suppose you have just visited your physician because of a pain in your abdomen. The doctor has indicated some concern and has ordered some tests whose results the two of you are expecting in a few days. A positive test result will suggest that you may have a lifethreatening disease, but even if the test is positive, the doctor would want to confirm it with further tests. Would you want the doctor to tell you the outcome of the test? Why or why not?
b. Suppose you are selling your house. Real-estate transaction laws require that you disclose what you know about significant structural defects. Although you know of no such defects, a buyer insists on having a qualified engineer inspect the house. Would you want to know the outcome of the inspection? Why or why not?
c. Suppose you are negotiating to purchase an office building. You have a lot of experience negotiating commercial real-estate deals, and your agent has explained this to the seller, who is relatively new to the business. As a result, you expect to do very well in this negotiation. Because of the unique circumstance of the building, your agent has suggested obtaining an appraisal of the property by a local expert. You know exactly how you would use this information; it would provide an upper bound on what you are willing to pay. This fact is also clear to the seller, who will know whether you obtained the appraisal but will only find out the appraised value if you elect to reveal it. Would you obtain the appraisal? Why or why not?
The geometric mean Asian pays the positive part of the geometric mean minus the strike. Develop an analytic price. How will the price of a geometric Asian option compare to the price of an ordinary Asian?
Determine the NPV for the following: An information system will cost $95,000 to implement over a one-year period and will produce no savings during that year.
Determine whether each of the statements is true or false. If true, give a proof. If false, give a counterexample - What possible remainders do perfect cubes leave when divided by 7?
Assume the overall utility of the current favorite cereal for children 1-4 is 70, and the overall utility of the current favorite cereal for children 5-7 is 80. Modify the linear programming model used to determine the product design that will max..
Note 8 to this chapter, which refers to the section on "Determinants of the crude birth rate," and the accompanying discussion in that section.
On May 1, a lazy MBA student suddenly realizes that he has done nothing on seven different homework assignments and projects that are due in various courses.
A library has classified its books into fiction and nonfiction. Furthermore, all books can also be described as hardback and paperback.
Uncantrallability of Observers. Let S1 be a linear time-invariant system with input u(t) and output y(t). An observer S2 is connected appropriately to S1.
bivariate normal distribution - Find a constant a such that P(3X1 -X2
Demand for a product is normally distributed with mean demand equal to 200 units. There is a 0.95 probability that demand for this produce is between 180 to 220 units. Estimate the probability that demand for this product will exceed 195 units?
Target Inc. has a project costing $40,000 and cash flows of $8,000, $15,600, and $22,700 for Years 1 to 3, respectively. Based on the profitability index rule, should the project be accepted if the discount rate is 9.5 percent? Why or why not?
Given the LC problem (M, q) where the matrix M, vector q and vector z are partitioned as follows.
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