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- Find the EVPI for the below Payoff table: 162 126 320 194 State of nature 1 2 3 Probabilit y 0.3 0.4 0.3 Acts B 20 0 -20 -50 200 -100 -50 30 400 600 034. Which one would have the greatest effect1. A dealer decides to sell a rare book by means of an English auction with a reservation price of 54. There are two bidders. The dealer believes that there are only three possible values, 90, 54, and 45, that each bidder’s willingness to pay might take. Each bidder has a probability of 1/3 of having each of these willingnesses to pay, and the probabilities for each of the two bidders are independent of the other’s valuation. Assuming that the two bidders bid rationally and do not collude, the dealer’s expected revenue is approximately ______. 2. A seller knows that there are two bidders for the object he is selling. He believes that with probability 1/2, one has a buyer value of 5 and the other has a buyer value of 10 and with probability 1/2, one has a buyer value of 8 and the other has a buyer value of 15. He knows that bidders will want to buy the object so long as they can get it for their buyer value or less. He sells it in an English auction with a reserve price which he must…
- 1. Individual Problems 18-1 You hold an oral, or English, auction among three bidders. You estimate that each bidder has a value of either $88 or $110 for the item, and you attach probabilities to each value of 50%. The winning bidder must pay a price equal to the second highest bid. The following table lists the eight possible combinations for bidder values. Each combination is equally likely to occur. On the following table, indicate the price paid by the winning bidder. Combination Number Bidder 1 Value Bidder 2 Value Bidder 3 Value Probability Price ($) ($) ($) 1 $88 $88 $88 0.125 2 $88 $88 $110 0.125 3 $88 $110 $88 0.125 4 $88 $110 $110 0.125 5 $110 $88 $88 0.125 6 $110 $88 $110 0.125 7 $110 $110 $88 0.125 8 $110 $110 $110 0.125 The expected price paid is . Suppose that bidders 1 and 2 collude and would be willing to bid up to a maximum of their values, but the two bidders…a 12, 9, 3 m 1 N b 10, 9, 4 7" 11, 15, 1 B 10, 20, 10 What's the possible outcome of this game?1. Bothers John and Jason Rogers are trying to establish Illinois RiverHawk Floats to offer rafts for customers to float the Illinois River. 50 rafts are leased from a supplier for a monthly (30 days) cost of $415 per raft. The rafts are rented to customers for $25 per day. Customer demand follows a normal distribution, with a mean of 50 rafts and standard deviation of 8.5 rafts. (Make all demands integers in the model). If all 50 rafts are rented out, customers are referred to another outfitter who has a working relationship with the brothers. a. Set up the model and simulate a month (30 days) of operation to calculate the total monthly profit b. Replicate the simulation for 5 months (the expected float season) and determine the average total monthly profit. Note: this does not mean make 5 copies of the model. Run it 5 times, record and use the results appropriately.
- Question Completion Status: Gekko QUESTION 8 Good Quality a Poor Quality SERDE 1 INSGE 19 2 Good Quality Wonka 10 Gekko = 10 Wonka = 12 Gekko = 9 1 Wonka Refer to Table 17-7. Wonka and Gekko agree to cooperate so as to maximize total profit. If this game is played repeatedly and Wonka uses a tit- strategy, it will choose a O a. good quality product in the first round and in subsequent rounds it will choose whatever Gekko chose in the previous round. O b. poor quality product in all rounds, regardless of the choice made by Gekko. C. good quality product in all rounds, regardless of the choice made by Gekko. d. poor quality product in the first round and in subsequent rounds it will choose whatever Gekko chose in the previous round. Poor Quality Wonka = 9 Gekko = 12 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Wonka = 11 Gekko = 11 O Pleshow! www 0 R AaExample 1: Zero Sum Game Game Table 2 Game Table 1 Player 2 Player 2 S1 S2 Si S2 RI (3,-3) (-5,5) Player 1 R1 3 -5 RI (0,0) (7,-7) R1 7 Player 1 All players payoff shown =) Fnd Nasn ewwliLtlun> zero sum shorthand1.) You have determined that if Generics Manufacturer A prevails against the government in court, its shares are worth $160. If it loses, it must pay a large settlement, meaning shares are only worth $34. The decision is expected later today and shares currently trade at $55. What probability is the market suggesting GMA has of winning? (Adapted from a Citi S&T Interview question).
- EOC 18.06 (and 18.07) Jim and Cheryl are competitors in a small town and each is trying to decide if it is worthwhile to advertise. If both of them advertise, each will earn a profit of $10, 000. If neither of them advertises, each will earn a profit of $20,000. If one advertises and the other doesn't, then the one who advertises will earn a profit of $30,000 and the other will earn $14,000. What is the Nash equilibrium in this game? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Neither of them should advertise. b Both of them should advertise. There is no unique Nash equilibrium for this game. d Jim should advertise and Cheryl should not advertise.onsider the game described by the ff table. what is thE best response for the column player if he/she knows that the row player will make the Y move?Consider “Providing a Public Good under Incomplete Information". (refer to pages 70-74, lecture notes.) If c and cz have the following distribution. 2. 0.5 1.2 C2 0.5 1.2 Prob 1/2 1/2 Prob 1/3 2/3 Find all Bayesian Nash Equilibria of this game. Select all cOTrect amswers. Don't copy Chegg give new answer ASAP
