Chat with AIExam 16: Simulation Models
Exam 1: Introduction to Data Analysis and Decision Making30 Questions
Exam 2: Describing the Distribution of a Single Variable97 Questions
Exam 3: Finding Relationships Among Variables84 Questions
Exam 4: Probability and Probability Distributions113 Questions
Exam 5: Normal, binomial, poisson, and Exponential Distributions118 Questions
Exam 6: Decision Making Under Uncertainty106 Questions
Exam 7: Sampling and Sampling Distributions92 Questions
Exam 8: Confidence Interval Estimation85 Questions
Exam 9: Hypothesis Testing85 Questions
Exam 10: Regression Analysis: Estimating Relationships97 Questions
Exam 11: Regression Analysis: Statistical Inference87 Questions
Exam 12: Time Series Analysis and Forecasting104 Questions
Exam 13: Introduction to Optimization Modeling91 Questions
Exam 14: Optimization Modeling: Applications115 Questions
Exam 15: Introduction to Simulation Modeling81 Questions
Exam 16: Simulation Models104 Questions
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Suppose first that all three bidders are aware of the winner's curse so they have decided (independently)to bid 10% below their estimated values.Using 1000 iterations report the expected profit (or loss)to the winner.
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(37) What is the standard deviation of the ending balance? What does the distribution look like? What should Amanda infer from this?
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(40) What are the chances the firm could loose money on this project,given the price uncertainty?
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(30) (A)Assuming we are risk neutral,use simulation to find the optimal capacity level.
(B)Using the answer to (A),there a 5% chance that the actual discounted profit will exceed what value?
(C)Using the answer to (A),there is a 5% chance that the actual discounted profit will be less than what value?
(D)If we are risk averse,how might the optimal capacity level change?
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