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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.
I have 5 observations that i must plug into spss. I need an example of 1. I do not know if you are familiar with SPSS but I am going to ask anyway. Subject 1 is a Hispanic male who
The following dataset is from a study of the effects of second hand smoking in Baltimore, MD, and Washington, DC. For the 25 children involved in this study the outcome variable is
Find unlabeled data set test.txt and initial centroids data set centroids.txt in the archive, both files have the following format: [attribute1_value attribute2_value ...
Correlation The correlation is commonly used and a useful statistic used to describe the degree of the relationships between two or more variables. Pearson's correlation refle
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In New Jersey, banks have been charged with withdrawing from counties having a high percentage of minorities. To substantiate this charge, data is presented in the table below conc
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The mean tax-return preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume t
in a normal distribution with a mean of 85 and a STD of 5, what is the percentage of scores between 75 and 90?
1. Suppose you are estimating the imports (from both the U.S. mainland and foreign countries) of fuels and petroleum products in Hawaii (the dependent variable). The values of the
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