Do you think both will have about the same number of days

Reference no: EM131789655

Law of Large Numbers

A famous study by Amos Tversky and Nobel laureate Daniel Kahneman asked people to consider two hospitals. Hospital A is small and has 15 babies born per day. Hospital B has 45 babies born each day.

Over one year, each hospital recorded the number of days that it had more than 60% girls born. Assuming that 50% of all babies are girls, which hospital had the most such days?

Or do you think both will have about the same number of days with more than 60% girls born? Answer, and explain.

(Source: Amos Tversky. 2004. Preference, Belief, and Similarity: Selected Writings, ed. Eldar Shafir. Cambridge, Mass.: MIT Press, p. 205)

Reference no: EM131789655

Questions Cloud

Customer relationship management helps the organization : Describe how Amazon.com Customer Relationship Management helps the organization to perform the following business processes:

Construct a two-way table : Construct a two-way table with 60 women and 80 men in which there is a higher percentage of right-handed women.

Ace company can expect on product : If the price on the competitive market is $70, what is the maximum daily profit the Ace Company can expect on this product?

Describe the main goals of the federal reserve : Describe the main goals of the Federal Reserve. What happens when these goals come into conflict? Explain how the Fed would decide if lower inflation.

Do you think both will have about the same number of days : Or do you think both will have about the same number of days with more than 60% girls born? Answer, and explain.

Describe three types of financial ratios : Define these terms: financial statement, balance sheet, income statement, ratio analysis. Describe three types of financial ratios and explain the use of each.

Mary ellen candy company produces chocolate : The Mary Ellen Candy Company produces chocolate Easter bunnies at a cost per unit of 0.40 + 0.005x dollars, where x is the number produced.

On which of those nights is the player most likely to have : Suppose you go to several games at which this player plays. Sometimes the player attempts only a few baskets, say 10. Other times, he attempts about 60.

Gross profit margin and current ratio : Calculate: Gross Profit Margin and Current Ratio

User Account

All Pages