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2 bidders have identical valuations of an object for sale. The value of the object is either 0; 50 or 100, with equal probabilities. The object is allocated to one of the bidders in a second price (Vickrey) auction: the highest bidder gets the object and pays the second highest bid.
In case of a tie the object goes to bidder 1. Bidder 1 gets the signal 1 where T1(0) = l; T1 (50) = m and T1(100) = h. Bidder 2 gets the signal T2 where T2 (0) = L and T2(50) = T2(100) = H.
(i) Find a Nash equilibrium of this auction.
(ii) What is the seller's revenue? Could the seller get a higher revenue if bidder 2 had better information? Explain.
The following data give the repair costs (in RM) for 30 randomly selected cars from a list of cars involved in collisions. a) By using RM 1 as the lower limit of the first
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Statistical Process Control The variability present in manufacturing process can either be eliminated completely or minimized to the extent possible. Eliminating the variabilit
Mean Absolute Deviation To avoid the problem of positive and negative deviations canceling out each other, we can use the Mean Absolute Deviation which is given by
for this proportion, use the +-2 rule of thumb to determine the 95 percent confidence interval. when asked if they are satisfied with their financial situation, .29 said "very sat
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Correspondence Analysis (CA) is a generalization of PCA to contingency tables. The factors of correspondence analysis give an orthogonal decomposi:ion of the Chi- square associated
1. For each of the following variables: major, graduate GPA, and height: a. Determine whether the variable is categorical or numerical. b. If the variable is numerical, deter
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