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(Riley and Samuelson 1981): Consider an auction with two buyers with valuations drawn independently from the uniform [0, 1] distribution. The seller sets a reserve price equal to 1 and she employs the following auction rules:
(a) There is a single round of bidding. Buyer 1 is given the opportunity to make a bid a price b1 ≥ 1 .
(b) If buyer 1 bids b1 ≥ 1 , buyer 2 can match b1 and win the object. If buyer 1 makes no bid, buyer 2 can obtain the good at price 1 if heso chooses.
(i) Does this auction resemble any selling mechanism that you know of?
(ii) Can you compute the buyers' equilibrium bidding strategies and the seller's expected revenue?
(iii) Is the object in equilibrium always allocated to the individual with the highest valuation?
(iv) Compare the expected revenue generated by this auction with the expected revenue generated by a second-price auction with reserve price equal to 1.
A DVD rental store wants to know what proportions of its customers are under age 21. A simple random sample of 500 customers was taken, and 375 of them were under age 21. Presume that the true population proportion of customers under age 21 is 0.6..
Start rolling dice until a particular number, say 3, is obtained, and keep track of how many rolls are necessary. Repeat 100 times. Then find the average.
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Bell-shaped with a mean of $45, 000 and a standard deviation of $3, 500. What percentage of teachers earn anywhere from $38, 000 to $48, 500?
Pattern that most accurately represents mean, median and mode is?
If an A is given to a student who scores 90% or above, what would the minimum z-score be for a 300 multiple choice question test with a mean of 195 and a standard deviation of 30?
Data points (x1, y1 ), (x2,y2),.......,(xn,yn) is regressed to y = 1/(ax+b)2. The constants of the model a and b are solved by data linearization. Find the formulas for calculating a and b?
Calculate mean and SS for sample of difference scores.
you are a serious student who studies on friday nights but your roommate goes out and has a good time. 40 of the time
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