Which of these strategies is better for the professors

Assignment Help Applied Statistics

Reference no: EM13670655

Two professors, a macroeconomist and an econometrician, are driving south to visit their friend in Princeton. Neither of them knows precisely how to get there. They arrive at a
two-way intersection, and they have to decide which of roads A or B to take. Only one of these two roads leads to Princeton, while the other would take them to Pennsylvania (and of
course there is no road signal indicating the direction to Princeton).

If the macroeconomist
was to decide which road to take, he would choose the correct one with probability p.

If the econometrician was to decide, she would choose the correct one with probability q.

Consider two strategies the couple could follow:
(i) Randomly choose one of them (probability 1/2 for each) and let that person decide which road to follow; or
(ii) Have them both think about what road should be taken and then either take the road that they both think is correct if they agree or, if they disagree, ‡flip a fair coin to determine which road to take.

QUESTION: Which of these strategies is better for the professors and why? How does you answer depend on p and q?

Reference no: EM13670655

Questions Cloud

What would you suggest they do to improve the situation : You mentioned that data collection is an issue for your company. Why do you think this is so, and what would you suggest they do to improve the situation?

Specifically address your experience with the clan system : Write about your overall learning experiences this term. Specifically address your experience with the Clan System. Make sure to demonstrate that you have an understanding of the Clan System tenets and philosophy.

Compare it with the probability distribution of binomia : Compare it with the probability distribution of Binomia

The length of time x to complete a particular college entran : The length of time x to complete a particular college entrance

Which of these strategies is better for the professors : Which of these strategies is better for the professors

Describe the error in the conclusion : Describe the error in the conclusion

Using the formula for a binomial probability distribution : Suppose x is a random variable with n=3 and p=.3, calculate the value of p(x), x=0,1,2,3, using the formula for a binomial probability distribution?

A student who is studying walking rate : What question could the student be trying to answer by using the graph?

Factoring with two variables factor each polynomial : Factoring with Two Variables Factor each polynomial.

User Account

All Pages