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There are two types of drivers, high-risk drivers with an accident probability of 2=3 and low risk drivers with an accident probability of 1=3. In case of an accident the driver suffers a loss of 1. The initial wealth of both types of drivers is 2. Both types are expected utility maximizers with utility index u(z) = ln z.
(i) what is the maximum insurance premium that each type would be willing to pay to fully insure their accident risk?
(ii) there is an equal number of drivers of both types so that the overall accident prob- ability is 1=2. Assume that the government offers an insurance contract that has a premium of 1=2 and covers the full cost of the accident. Would the low risk types accept this contract?
(iii) Now assume that the government offers a full coverage contract that has a premium of 2=3 and a partial coverage contract with coverage C and premium C=3. Write down the inequality that must be satis?ed to ensure that high-risk types prefer the full coverage contract over the partial coverage contract.
Consider an MBA program as a processing network where the flow unit consists of a student in the program. Suppose the organizations that hire and promote MBAs are considered to be
Agency revenues. An economic consultant was retained by a large employment agency in a metropolitan area to develop a regression model for predicting monthly agency revenues ( y ).
There may be two values which occur with the same maximum frequency. The distribution is then called bimodal. In a bimodal distribution, the value of mode cannot be determined with
#regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual
want to know fees
The file Midterm Data.xls has a tab labeled "Many vs. S&P" which presents historical price data for several assets, a volatility condition (VIDX = 1 if the NYSE volatility is grea
operation
calculate variance and standard deviation of the following sample 12,22,32,13,12,23,34,52,56,23,44,32,11,11
The score distribution shown in the table is for all students who took a yearly AP statistical exam. An AP statistics teacher had 59 students preparing to take the AP exam. Though
Correlation The board of directors of Bata Company is faced with the problem of estimating what the annual sales might be in a shop to be opened in Bagpur where Bata has not op
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