Suppose you wish to investigate the effects of anchoring and expertise on people's evaluation of house prices. Anchoring-also known as the adjustment heuristic- occurs when people's evaluation is biased by previous information given (i.e., the anchor). You collect a random sample of 9 experts in house evaluation and 9 non- experts. Each of these 18 participants (Y1 - Y18) either receives no anchor (control), a high anchor (high) or a low anchor (low), and then evaluates the price of a given house. The data (in million CAD) for this example are shown in the table below. Anchor Expertise No High Low Experts Y1 = 1.25 Y7 = 1.55 Y13 = 2.66 Y2 = 1.45 Y8 = 1.60 Y14 = 2.43 %3D Y3 = 1.50 Y9 = 2.25 Y15 = 2.10 Non-experts Y4 = 0.99 Y10 = 1.71 Y16 = 2.15 Y5 = 1.24 Y11 = 2.16 Y17 = 2.89 Y6 = 2.31 Y12 = 3.12 Y18 = 1.55

Suppose you wish to investigate the effects of anchoring and expertise on people's evaluation of house prices. Anchoring-also known as the adjustment heuristic- occurs when people's evaluation is biased by previous information given (i.e., the anchor). You collect a random sample of 9 experts in house evaluation and 9 non- experts. Each of these 18 participants (Y1 - Y18) either receives no anchor (control), a high anchor (high) or a low anchor (low), and then evaluates the price of a given house. The data (in million CAD) for this example are shown in the table below. Anchor Expertise No High Low Experts Y1 = 1.25 Y7 = 1.55 Y13 = 2.66 Y2 = 1.45 Y8 = 1.60 Y14 = 2.43 %3D Y3 = 1.50 Y9 = 2.25 Y15 = 2.10 Non-experts Y4 = 0.99 Y10 = 1.71 Y16 = 2.15 Y5 = 1.24 Y11 = 2.16 Y17 = 2.89 Y6 = 2.31 Y12 = 3.12 Y18 = 1.55

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Back in April and May of 1985, the Gallup organization conducted a poll to estimate the percentage of Americans who approved of how President Reagan was handling his job. At the 5% significance level, do the data suggest that the percentage of those who approved of Reagan increased from April to May in 1985? Population 1: April p = 795/1528 = 0.5203Population 2: May p = 840/1528 = 0.5497Show all your steps, setting up your null and alternative hypothesis.
Bullying,” according to noted expert Dan Olweus, “poisons the educational environment and affects the learning of every child.” Bullying and victimization are evident as early as preschool, with the problem peaking in middle school. Suppose you are interested in the emotional well-being of not only the victims but also bystanders, bullies, and those who bully but who are also victims (bully-victims). You decide to measure anxiety in a group of bullies and a group of victims using an 18-item, 5-point anxiety scale. Assume scores on the anxiety scale are normally distributed and that the variances of the anxiety scores are the same among bullies and victims. The group of 23 bullies scored an average of 40.1 with a sample standard deviation of 10 on the anxiety scale. The group of 28 victims scored an average of 46.8 with a sample standard deviation of 11 on the same scale. You do not have any presupposed assumptions about whether bullies or victims will be more anxious, so you formulate…
Three students, Linda, Tuan, and Javier, are given five laboratory rats each for a nutritional experiment. Each rat's weight is recorded in grams. Linda feeds her rats Formula A, Tuan feeds his rats Formula B, and Javier feeds his rats Formula C. At the end of a specified time period, each rat is weighed again, and the net gain in grams is recorded. Using a significance level of 10%, test the hypothesis that the three formulas produce the same mean weight gain. (Let 1 = Linda's rats, 2 = Tuan's rats and 3 = Javier's rats.) Weights of Student Lab Rats Linda's rats Tuan's rats Javier's rats 43.0 46.9 51.1 38.5 40.1 40.4 40.7 38.4 37.1 45.8 45.7 44.8 37.8 43.6 47.7 Part (a) State the null hypothesis. H0: ?1 = ?2 = ?3 H0: At least two of the group means ?1, ?2, ?3 are not equal. Part (b) State the alternative hypothesis. Ha: ?1 = ?2 = ?3 Ha: At least two of the group means ?1, ?2, ?3 are not equal. Part (c) Enter an exact number as an…
Westminster Financial has released a summary of investment package information from the past fiscal year. During this time, Westminster provided a choice among twelve pre-designed investment packages. Westminster classified the packages into three categories according to riskiness. We're interested in the possible relationship between the age of an investor and the riskiness of the investment package she chose. So, there are two variables under consideration: age of Westminster investor ("under 35", "35-49", or "50+") and riskiness of investment choice ("risky", "moderate/mixed", or "conservative"). The contingency table below gives a summary of the information released by Westminster regarding age and riskiness of investment package for a random sample of 150 investors. Each cell of the table contains three numbers: the first number is the observed cell frequency (fO); the second number is the expected cell frequency (fE) under the assumption that there is no relationship between the…
Government economic studies reveal that young adults, not middle-aged or older adults, are having the most difficult time in today’s economy. Although the nation’s labor market shows a decline in the unemployment rate, the percentage of young adults, ages 18 to 24, currently employed (54 percent) is at the lowest level since the government data collection began in 1948. If you were working for a national survey organization doing a general public survey of young adults and older adults, what topics and questions would you design into your survey to elaborate on this finding?
A clinical psychologist is interested in determining which type of therapy is in fact more effective at treating depression. The psychologist randomly assigns 1/3rd of the participants to receive cognitive behavioral therapy, 1/3rd to receive the psychodynamic therapy and 1/3rd to receive humanistic therapy. Following the therapy sessions, the psychologist gives the members of each group the Beck Depression Inventory and compares the scores of the three groups. 1 What hypothesis test would be most appropriate for answering this research question and why? 2 If the researcher found that at least one of groups differed, what type of follow-up test would be most appropriate? 3 What are the independent and dependent variables (if any)?
A health insurance company is looking at the use of its benefits by its members. It randomly selects 500 members for further study, and one of the pieces of information they collect is the amount the amount of money spent on prescription medications over the past year. The average amount among the 500 members is $600 and the SD is $1,000. A histogram of the amounts is quite skewed to the right, and 40 (8%) of the sampled members have spent $5000 or more on prescription medications in the past year. Calculate a 95%-confidence interval for the percentage of all members who have spent $5000 or more on prescription medications in the last year.
A retailer is looking to evaluate its customer service. Management has determined that if the retailer wants to stay competitive, then it will have to have at least a 91% satisfaction rate among its customers. Management will take corrective actions if the satisfaction rate falls below 91%. They conduct a survey to determine if the satisfaction rate is lower than 91%. A survey of 1,450 customers showed that 1,305 were satisfied with their customer service. (a) Give the test statistic. (Round to two decimal places.) (b) Give the p-value (Round to three decimal places.) (c) State whether or not the management should take corrective action, based on a 5% significance level. Explain briefly.
Mr. James, president of Daniel-James Financial Services, believes that there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, he gathered the following information from a sample of clients for the last month. Let X represent the number of times that the client was contacted and Y represent the valye of sales ($1000) for each client sampled. Number of Contacts (X) Sales ($1000) 14 24 12 14 20 28 16 30 23 30 b) compute the correlation coefficient and coeffcient of determination. Interpret the coefficients.
(ii) The lecturer wishes to compare the average scores for Business Statistics between the accounting students and the finance students. He records the marks of a group of 8 students from each course in the following table. Student Accounting course Finance course 78 54 56 95 3 67 68 4 49 71 88 82 76 7 8 62 74 86 85 57 Test at 5% level of significance whether the average score for Business Statistics is different between accounting students and finance students.
The personality characteristics of business leaders (e.g., CEOS) are related to the operations of the businesses that they lead (Oreg & Berson, 2018). Traits like openness to experience are related to positive financial outcomes and other traits are related to negative financial outcomes for their businesses. Suppose that a board of directors is interested in evaluating the personality of their leadership. Among a sample of n = 16 managers, the sample mean of the openness to experiences dimension of personality was M = 4.50. Assuming that u = 4.24 and o = 1.05 (Cobb-Clark & Schurer, 2012), use a two-tailed hypothesis test with a = .05 to test the hypothesis that this company's business leaders' openness to experience is different from the population. Standard Normal Distribution Mean - 0.0 Standard Deviation 1.0 .7198 .1401 .1401 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 -1.08 1.08 Step 1. Ho: ; H;: a = .05. Step 2. The critical region consists of Step 3. For these data the standard error is and…
Hospital administrators at a local hospital are interested in quality of care. As such, they ask a random sample of patients that have used the hospital's health care services to fill out a questionnaire. The questionnaire has questions about the patient's worry (negative, positive), the hospital staff's communication skills (low, medium, high), and satisfaction with medical care. The administrators are interested in how patient's worry and their assessment of the hospital staff's communication impact their satisfaction with medical care. The survey data are below. What can the administrators conclude with an α of 0.01? Communication Worry low med high negative 76868 54545 67495 positive 86677 78687 78666 A) Input the appropriate value(s) to make a decision about H0.Worry: p-value = Communication: p-value = Interaction: p-value = B) Using the SPSS results, compute the corresponding effect size(s) and indicate magnitude(s).Worry: η2 = Communication: η2 =…