Engineering Economy, Student Value Edition (17th Edition)
17th Edition
ISBN: 9780134838137
Author: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher: PEARSON
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Textbook Question
Chapter 14, Problem 16P
For the data from Problem 14-15, apply the additive weighting technique, using weights you develop, to make a travel decision. (14.7)
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Dependent Variable: Pass
Experience
Male
Malex Experience
Constant
Probit
Logit
(1)
(2)
0.031
0.040
(0.009) (0.016)
0.712
(0.126)
Linear
Probability
(3)
0.006
(0.002)
1.059
0.774
(0.221) (0.034)
Probit
(4)
-0.333
(0.161)
1.282
(0.124)
Logit
(5)
-0.622
(0.303)
2.197
(0.242)
Linear
Probability
(6)
-0.071
(0.034)
0.900
(0.022)
Probit
(7)
0.041
(0.156)
-0.074
(0.259)
-0.015
(0.019)
0.806
(0.200)
Problem 1. (~SW 11.2) Using the results of column (2):
(a) Does the probability of passing the test depend on Experience? Explain.
(b) Matthew has 10 years of driving experience. What is the probability that he will pass the test?
(c) Christopher is a new driver (zero years of experience). What is the probability that he will pass
the test?
(d) Sketch the predicted probabilities from the probit and logit regressions in column (1) and (2)
for values of Experience between 0 and 60. Are the probit and logit models similar?
I. Given:
= 1100
(2) P
Qd
Qs
= 3P
100
4.
Arc Elasticity where P = 250 and P = 200
x = f(p) = 3000 - 2p²
E(p) =
Chapter 14 Solutions
Engineering Economy, Student Value Edition (17th Edition)
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