Excursions In Modern Mathematics, 9th Edition
9th Edition
ISBN: 9780134494142
Author: Tannenbaum
Publisher: PEARSON
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Chapter 1, Problem 30E
Imagine that in the voting for the American League Cy Young Award (7 points for first place,
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Starting with the finished version of Example 6.2, attached, change the decision criterion to "maximize expected utility," using an exponential utility function with risk tolerance $5,000,000. Display certainty equivalents on the tree.
a. Keep doubling the risk tolerance until the company's best strategy is the same as with the EMV criterion—continue with development and then market if successful.
The risk tolerance must reach $ ____________ before the risk averse company acts the same as the EMV-maximizing company.
b. With a risk tolerance of $320,000,000, the company views the optimal strategy as equivalent to receiving a sure $____________ , even though the EMV from the original strategy (with no risk tolerance) is $ ___________ .
2.8.1
Do not use the Residue Theorem. Thank you.
Chapter 1 Solutions
Excursions In Modern Mathematics, 9th Edition
Ch. 1 - Figure 1-8 shows the preference ballots for an...Ch. 1 - Figure 1-9 shows the preference ballots for an...Ch. 1 - An election is held to choose the Chair of the...Ch. 1 - The student body at Eureka High School is having...Ch. 1 - An election is held using the printed-names format...Ch. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Table 1-30 shows a conventional preference...Ch. 1 - The Demublican Party is holding its annual...Ch. 1 - The Epicurean Society is holding its annual...
Ch. 1 - Table 1-31 shows the preference schedule for an...Ch. 1 - Table 1-32 shows the preference schedule for an...Ch. 1 - Table 1-33 shows the preference schedule for an...Ch. 1 - Table 1-34 shows the preference schedule for an...Ch. 1 - Table 1-35 shows the preference schedule for an...Ch. 1 - Table1-36 shows the preference schedule for an...Ch. 1 - Table 1-25 see Exercise 3 shows the preference...Ch. 1 - Table 1-26 see Exercise 4 shows the preference...Ch. 1 - Table 1-25 see Exercise 3 shows the preference...Ch. 1 - Table 1-26 see Exercise 4 shows the preference...Ch. 1 - Table 1-31see Exercise 11 shows the preference...Ch. 1 - Table 1-32 see Exercise 12 shows the preference...Ch. 1 - Table 1-33 see Exercise 13 shows the preference...Ch. 1 - Table 1-34 Number of voters 6 6 5 4 3 3 1st A B B...Ch. 1 - Table 1-35 Percent of voters 24 23 19 14 11 9 1st...Ch. 1 - Table 1-36 Percent of voters 25 21 15 12 10 9 8...Ch. 1 - The Heisman Award. Table 1-37 shows the results...Ch. 1 - The 2014 AL Cy Young Award. Table 1-38 shows the...Ch. 1 - An election was held using the conventional Borda...Ch. 1 - Imagine that in the voting for the American League...Ch. 1 - Table 1-31 see Exercise 11 shows the preference...Ch. 1 - Table 1-32 see Exercise 12 shows the preference...Ch. 1 - Table1-33 Number of voters 6 5 4 2 2 2 2 1st C A B...Ch. 1 - Table 1-34 See Exercise 14 shows the preference...Ch. 1 - Table1-39_ shows the preference schedule for an...Ch. 1 - Table1-40_ shows the preference schedule for an...Ch. 1 - Table 1-35 see Exercise 15 shows the preference...Ch. 1 - Table 1-36 see Exercise 16 shows the preference...Ch. 1 - Top-Two Instant-Runoff Voting. Exercises 39 and 40...Ch. 1 - Top-Two Instant-Runoff Voting. Exercises 39 and 40...Ch. 1 - Table 1-31 see Exercise 11 shows the preference...Ch. 1 - Table 1-32 See Exercise 12 shows the preference...Ch. 1 - Table 1-33 see Exercise 13 shows the preference...Ch. 1 - Table 1-34 see Exercise 14 shows the preference...Ch. 1 - Table 1-35 see Exercise 15 shows the preference...Ch. 1 - Table 1-36 see Exercise 16 shows the preference...Ch. 1 - Table 1-39 see Exercise 35 shows the preference...Ch. 1 - Table1-40 see Exercise36 shows the preference...Ch. 1 - An election with five candidates A, B. C, D, and E...Ch. 1 - An election with six candidates A, B, C, D, E, and...Ch. 1 - Use Table 1-41 to illustrate why the Borda count...Ch. 1 - Use Table 1-32 to illustrate why the...Ch. 1 - Use Table 1-42 to illustrate why the plurality...Ch. 1 - Use the Math Club election Example 1.10 to...Ch. 1 - Use Table 1-43 to illustrate why the...Ch. 1 - Explain why the method of pair wise comparisons...Ch. 1 - Prob. 57ECh. 1 - Explain why the plurality method satisfies the...Ch. 1 - Explain why the Borda count method satisfies the...Ch. 1 - Explain why the method of pairwise comparisons...Ch. 1 - Two-candidate elections. Explain why when there...Ch. 1 - Alternative version of the Borda count. The...Ch. 1 - Reverse Borda count. Another commonly used...Ch. 1 - The average ranking. The average ranking of a...Ch. 1 - The 2006 Associated Press college football poll....Ch. 1 - The Pareto criterion. The following fairness...Ch. 1 - The 2003-2004 NBA Rookie of the Year vote. Each...Ch. 1 - Top-two IRV is a variation of the...Ch. 1 - The Coombs method. This method is just like the...Ch. 1 - Bucklin voting. This method was used in the early...Ch. 1 - The 2016 NBA MVP vote. The National Basketball...Ch. 1 - The Condorcet loser criterion. If there is a...Ch. 1 - Consider the following fairness criterion: If a...Ch. 1 - Suppose that the following was proposed as a...Ch. 1 - Consider a modified Borda count where a...
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- A television network earns an average of $14 million each season from a hit program and loses an average of $8 million each season on a program that turns out to be a flop. Of all programs picked up by this network in recent years, 25% turn out to be hits and 75% turn out to be flops. At a cost of C dollars, a market research firm will analyze a pilot episode of a prospective program and issue a report predicting whether the given program will end up being a hit. If the program is actually going to be a hit, there is a 75% chance that the market researchers will predict the program to be a hit. If the program is actually going to be a flop, there is only a 30% chance that the market researchers will predict the program to be a hit. What is the maximum value of C that the network should be willing to pay the market research firm? Enter your answer in dollars, not in million dollars. $ __________ Calculate EVPI for this decision problem. Enter your answer in dollars, not in million…arrow_forwardEvaluate the line integral sin z dz, So sin where C is the portion of the curve y = x² from 0 to −1 + i.arrow_forwardLet f(z) be complex differentiable everywhere in C. Fix two distinct complex numbers a and b and a circle C of radius R with |a| < R,|b| < R traversed in the counter-clockwise direction. Evaluate the integral Sc − f(z)dz (z - a)(z – b) in terms of a, b and the values of f at those points.arrow_forward
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