Elementary Statistics: Picturing the World (7th Edition)
7th Edition
ISBN: 9780134683416
Author: Ron Larson, Betsy Farber
Publisher: PEARSON
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Chapter 3.1, Problem 85E
To determine
To obtain: The
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Problem 3. Pricing a multi-stock option the Margrabe formula
The purpose of this problem is to price a swap option in a 2-stock model, similarly as
what we did in the example in the lectures. We consider a two-dimensional Brownian
motion given by W₁ = (W(¹), W(2)) on a probability space (Q, F,P). Two stock prices
are modeled by the following equations:
dX
=
dY₁ =
X₁ (rdt+
rdt+0₁dW!)
(²)),
Y₁ (rdt+dW+0zdW!"),
with Xo
xo and Yo =yo. This corresponds to the multi-stock model studied in class,
but with notation (X+, Y₁) instead of (S(1), S(2)). Given the model above, the measure
P is already the risk-neutral measure (Both stocks have rate of return r). We write
σ = 0₁+0%. We consider a swap option, which gives you the right, at time T, to
exchange one share of X for one share of Y. That is, the option has payoff
F=(Yr-XT).
(a) We first assume that r = 0 (for questions (a)-(f)). Write an explicit expression for
the process Xt.
Reminder before proceeding to question (b): Girsanov's theorem…
Problem 1. Multi-stock model
We consider a 2-stock model similar to the one studied in class. Namely, we consider
=
S(1)
S(2)
=
S(¹) exp (σ1B(1) + (M1 - 0/1 )
S(²) exp (02B(2) + (H₂-
M2
where (B(¹) ) +20 and (B(2) ) +≥o are two Brownian motions, with
t≥0
Cov (B(¹), B(2)) = p min{t, s}.
"
The purpose of this problem is to prove that there indeed exists a 2-dimensional Brownian
motion (W+)+20 (W(1), W(2))+20 such that
=
S(1)
S(2)
=
=
S(¹) exp (011W(¹) + (μ₁ - 01/1) t)
롱)
S(²) exp (021W (1) + 022W(2) + (112 - 03/01/12) t).
where σ11, 21, 22 are constants to be determined (as functions of σ1, σ2, p).
Hint: The constants will follow the formulas developed in the lectures.
(a) To show existence of (Ŵ+), first write the expression for both W. (¹) and W (2)
functions of (B(1), B(²)).
as
(b) Using the formulas obtained in (a), show that the process (WA) is actually a 2-
dimensional standard Brownian motion (i.e. show that each component is normal,
with mean 0, variance t, and that their…
The scores of 8 students on the midterm exam and final exam were as follows.
Student
Midterm
Final
Anderson
98
89
Bailey
88
74
Cruz
87
97
DeSana
85
79
Erickson
85
94
Francis
83
71
Gray
74
98
Harris
70
91
Find the value of the (Spearman's) rank correlation coefficient test statistic that would be used to test the claim of no correlation between midterm score and final exam score. Round your answer to 3 places after the decimal point, if necessary.
Test statistic: rs =
Chapter 3 Solutions
Elementary Statistics: Picturing the World (7th Edition)
Ch. 3.1 - For each probability experiment, determine the...Ch. 3.1 - You ask for a students age at his or her last...Ch. 3.1 - Prob. 3TYCh. 3.1 - How many license plates can you make when a...Ch. 3.1 - You select a card from a standard deck of playing...Ch. 3.1 - In Example 6, determine the probability that the...Ch. 3.1 - Find the probability that the next user surveyed...Ch. 3.1 - Based on previous counts, the probability of a...Ch. 3.1 - Use the frequency distribution in Example 7 to...Ch. 3.1 - Find the probability of tossing a tail and...
Ch. 3.1 - Your college identification number consists of...Ch. 3.1 - What is the difference between an outcome and an...Ch. 3.1 - Determine whether each number could represent the...Ch. 3.1 - Explain why the statement is incorrect: The...Ch. 3.1 - When you use the Fundamental Counting Principle,...Ch. 3.1 - Describe the law of large numbers in your own...Ch. 3.1 - List the three formulas that can be used to...Ch. 3.1 - True or False? In Exercises 710, determine whether...Ch. 3.1 - True or False? In Exercises 710, determine whether...Ch. 3.1 - A probability of 110 indicates an unusual event.Ch. 3.1 - True or False? In Exercises 710, determine whether...Ch. 3.1 - Matching Probabilities In Exercises 1116, match...Ch. 3.1 - Matching Probabilities In Exercises 1116, match...Ch. 3.1 - Matching Probabilities In Exercises 1116, match...Ch. 3.1 - Matching Probabilities In Exercises 1116, match...Ch. 3.1 - Matching Probabilities In Exercises 1116, match...Ch. 3.1 - Matching Probabilities In Exercises 1116, match...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Finding the Probability of an Event In Exercises...Ch. 3.1 - Finding the Probability of an Event In Exercises...Ch. 3.1 - Finding the Probability of an Event In Exercises...Ch. 3.1 - Finding the Probability of an Event In Exercises...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying the Sample Space of a Probability...Ch. 3.1 - Identifying Simple Events In Exercises 3336,...Ch. 3.1 - Identifying Simple Events In Exercises 3336,...Ch. 3.1 - Identifying Simple Events In Exercises 3336,...Ch. 3.1 - Identifying Simple Events In Exercises 3336,...Ch. 3.1 - Using the Fundamental Counting Principle In...Ch. 3.1 - Using the Fundamental Counting Principle In...Ch. 3.1 - Using the Fundamental Counting Principle In...Ch. 3.1 - Using the Fundamental Counting Principle In...Ch. 3.1 - Finding Classical Probabilities In Exercises 4146,...Ch. 3.1 - Finding Classical Probabilities In Exercises 4146,...Ch. 3.1 - Finding Classical Probabilities In Exercises 4146,...Ch. 3.1 - Finding Classical Probabilities In Exercises 4146,...Ch. 3.1 - Finding Classical Probabilities In Exercises 4146,...Ch. 3.1 - Finding Classical Probabilities In Exercises 4146,...Ch. 3.1 - Finding Empirical Probabilities A polling...Ch. 3.1 - Finding Empirical Probabilities A polling...Ch. 3.1 - Using a Frequency Distribution to Find...Ch. 3.1 - Using a Frequency Distribution to Find...Ch. 3.1 - Using a Frequency Distribution to Find...Ch. 3.1 - Using a Frequency Distribution to Find...Ch. 3.1 - Classifying Types of Probability In Exercises...Ch. 3.1 - Classifying Types of Probability In Exercises...Ch. 3.1 - Classifying Types of Probability In Exercises...Ch. 3.1 - Classifying Types of Probability In Exercises...Ch. 3.1 - Classifying Types of Probability In Exercises...Ch. 3.1 - Classifying Types of Probability In Exercises...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Finding the Probability of the Complement of an...Ch. 3.1 - Using a Tree Diagram In Exercises 6366, a...Ch. 3.1 - Using a Tree Diagram In Exercises 6366, a...Ch. 3.1 - Using a Tree Diagram In Exercises 6366, a...Ch. 3.1 - Using a Tree Diagram In Exercises 6366, a...Ch. 3.1 - Access Code An access code consists of three...Ch. 3.1 - Access Code An access code consists of six...Ch. 3.1 - Wet or Dry? You are planning a three-day trip to...Ch. 3.1 - Wet or Dry? You are planning a three-day trip to...Ch. 3.1 - Prob. 71ECh. 3.1 - Wet or Dry? You are planning a three-day trip to...Ch. 3.1 - Graphical Analysis In Exercises 73 and 74, use the...Ch. 3.1 - Graphical Analysis In Exercises 73 and 74, use the...Ch. 3.1 - Using a Bar Graph to Find Probabilities In...Ch. 3.1 - Using a Bar Graph to Find Probabilities In...Ch. 3.1 - Using a Bar Graph to Find Probabilities In...Ch. 3.1 - Using a Bar Graph to Find Probabilities In...Ch. 3.1 - Prob. 79ECh. 3.1 - Prob. 80ECh. 3.1 - Prob. 81ECh. 3.1 - Prob. 82ECh. 3.1 - Using a Pie Chart to Find Probabilities In...Ch. 3.1 - Using a Pie Chart to Find Probabilities In...Ch. 3.1 - Prob. 85ECh. 3.1 - Using a Pie Chart to Find Probabilities In...Ch. 3.1 - College Football A stem-and-leaf plot for the...Ch. 3.1 - Individual Stock Price An individual stock is...Ch. 3.1 - Writing In Exercises 89 and 90, write a statement...Ch. 3.1 - Writing In Exercises 89 and 90, write a statement...Ch. 3.1 - Odds The chances of winning are often written in...Ch. 3.1 - Odds The chances of winning are often written in...Ch. 3.1 - Odds The chances of winning are often written in...Ch. 3.1 - Odds The chances of winning are often written in...Ch. 3.1 - Odds The chances of winning are often written in...Ch. 3.1 - Odds The chances of winning are often written in...Ch. 3.1 - Run the simulation using n = 1 without clicking...Ch. 3.1 - Run the applet to simulate the stock market...Ch. 3.2 - Refer to the survey in the second part of Example...Ch. 3.2 - Determine whether the events are independent or...Ch. 3.2 - 1. The probability that a salmon swims...Ch. 3.2 - The probability that a particular rotator cuff...Ch. 3.2 - In a jury selection pool, 65% of the people are...Ch. 3.2 - What is the difference between independent and...Ch. 3.2 - Give an example of (a) two events that are...Ch. 3.2 - What does the notation P(B|A) mean?Ch. 3.2 - Explain how to use the complement to find the...Ch. 3.2 - True or False? In Exercises 5 and 6, determine...Ch. 3.2 - True or False? In Exercises 5 and 6, determine...Ch. 3.2 - Finding Conditional Probabilities In Exercises 7...Ch. 3.2 - Finding Conditional Probabilities In Exercises 7...Ch. 3.2 - Classifying Events as Independent or Dependent In...Ch. 3.2 - Classifying Events as Independent or Dependent In...Ch. 3.2 - Classifying Events as Independent or Dependent In...Ch. 3.2 - Classifying Events as Independent or Dependent In...Ch. 3.2 - Classifying Events as Independent or Dependent In...Ch. 3.2 - Classifying Events as Independent or Dependent In...Ch. 3.2 - Classifying Events Based on Studies In Exercises...Ch. 3.2 - Classifying Events Based on Studies In Exercises...Ch. 3.2 - Classifying Events Based on Studies In Exercises...Ch. 3.2 - Classifying Events Based on Studies In Exercises...Ch. 3.2 - Using the Multiplication Rule In Exercises 1932,...Ch. 3.2 - Using the Multiplication Rule In Exercises 1932,...Ch. 3.2 - BRCA1 Gene Research has shown that approximately 1...Ch. 3.2 - Pickup Trucks In a survey, 510 U.S. adults were...Ch. 3.2 - Celebrities as Role Models In a sample of 1000...Ch. 3.2 - Knowing a Murder Victim In a sample of 1000 U.S....Ch. 3.2 - Best President In a sample of 1446 U.S. registered...Ch. 3.2 - Worst President In a sample of 1446 U.S....Ch. 3.2 - Blood Types The probability that an African...Ch. 3.2 - Blood Types The probability that a Caucasian...Ch. 3.2 - In Vitro Fertilization In a recent year, about...Ch. 3.2 - Lottery Tickets According to a survey, 49% of U.S....Ch. 3.2 - Digital Content in Schools According to a study,...Ch. 3.2 - Surviving Surgery A doctor gives a patient a 60%...Ch. 3.2 - According to Bayes Theorem, the probability of...Ch. 3.2 - According to Bayes Theorem, the probability of...Ch. 3.2 - According to Bayes Theorem, the probability of...Ch. 3.2 - According to Bayes Theorem, the probability of...Ch. 3.2 - According to Bayes Theorem, the probability of...Ch. 3.2 - Prob. 38ECh. 3.2 - Reliability of Testing A virus infects one in...Ch. 3.2 - Birthday Problem You are in a class that has 24...Ch. 3.2 - In Exercises 41 and 42, use the information below....Ch. 3.2 - In Exercises 41 and 42, use the information below....Ch. 3.3 - Determine whether the events are mutually...Ch. 3.3 - 1. A die is rolled. Find the probability of...Ch. 3.3 - Find the probability that the sales representative...Ch. 3.3 - 1. Find the probability that a donor selected at...Ch. 3.3 - Find the probability that a randomly selected...Ch. 3.3 - When two events are mutually exclusive, why is P(A...Ch. 3.3 - Give an example of (a) two events that are...Ch. 3.3 - True or False? In Exercises 36, determine whether...Ch. 3.3 - A die is rolled. Find the probability of rolling a...Ch. 3.3 - True or False? In Exercises 36, determine whether...Ch. 3.3 - True or False? In Exercises 36, determine whether...Ch. 3.3 - Graphical Analysis In Exercises 7 and 8, determine...Ch. 3.3 - Graphical Analysis In Exercises 7 and 8, determine...Ch. 3.3 - Recognizing Mutually Exclusive Events In Exercises...Ch. 3.3 - Recognizing Mutually Exclusive Events In Exercises...Ch. 3.3 - Recognizing Mutually Exclusive Events In Exercises...Ch. 3.3 - Recognizing Mutually Exclusive Events In Exercises...Ch. 3.3 - Students A physics class has 40 students. Of...Ch. 3.3 - Conference A teaching conference has an attendance...Ch. 3.3 - Carton Defects Of the cartons produced by a...Ch. 3.3 - Can Defects Of the cans produced by a company, 96%...Ch. 3.3 - Selecting a Card A card is selected at random from...Ch. 3.3 - Rolling a Die You roll a die. Find the probability...Ch. 3.3 - 19. U.S. Age Distribution The estimated percent...Ch. 3.3 - 20. 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Find the...Ch. 3.3 - Among members of the Senate, are the events being...Ch. 3.3 - Using the same row and column headings as the...Ch. 3.3 - A member of Congress is selected at random. Use...Ch. 3.4 - The Big 12 is a collegiate athletic conference...Ch. 3.4 - A psychologist shows a list of eight activities to...Ch. 3.4 - The board of directors of a company has 12...Ch. 3.4 - The contractor wants to plant six oak trees, nine...Ch. 3.4 - The manager of an accounting department wants to...Ch. 3.4 - A student advisory board consists of 20 members....Ch. 3.4 - Find the probability of being dealt 5 diamonds...Ch. 3.4 - A jury consists of five men and seven women. Three...Ch. 3.4 - Prob. 1ECh. 3.4 - When you calculate the number of combinations of r...Ch. 3.4 - Prob. 3ECh. 3.4 - True or False? In Exercises 36, determine whether...Ch. 3.4 - True or False? In Exercises 36, determine whether...Ch. 3.4 - True or False? In Exercises 36, determine whether...Ch. 3.4 - In Exercises 714, perform the indicated...Ch. 3.4 - In Exercises 714, perform the indicated...Ch. 3.4 - In Exercises 714, perform the indicated...Ch. 3.4 - In Exercises 714, perform the indicated...Ch. 3.4 - In Exercises 714, perform the indicated...Ch. 3.4 - Prob. 12ECh. 3.4 - In Exercises 714, perform the indicated...Ch. 3.4 - Prob. 14ECh. 3.4 - In Exercises 1518, determine whether the situation...Ch. 3.4 - In Exercises 1518, determine whether the situation...Ch. 3.4 - In Exercises 1518, determine whether the situation...Ch. 3.4 - In Exercises 1518, determine whether the situation...Ch. 3.4 - Video Games You have seven different video games....Ch. 3.4 - Skiing Eight people compete in a downhill ski...Ch. 3.4 - Security Code In how many ways can the letters A,...Ch. 3.4 - Starting Lineup The starting lineup for a softball...Ch. 3.4 - Footrace There are 50 runners in a race. How many...Ch. 3.4 - Singing Competition There are 16 finalists in a...Ch. 3.4 - Playlist A DJ is preparing a playlist of 24 songs....Ch. 3.4 - Archaeology Club An archaeology club has 38...Ch. 3.4 - Blood Donors At a blood drive, 8 donors with type...Ch. 3.4 - Necklaces You are putting 9 pieces of blue beach...Ch. 3.4 - Letters In how many distinguishable ways can the...Ch. 3.4 - Computer Science A byte is a sequence of eight...Ch. 3.4 - Experimental Group In order to conduct an...Ch. 3.4 - Jury Selection From a group of 36 people, a jury...Ch. 3.4 - Students A class has 40 students. In how many...Ch. 3.4 - Lottery Number Selection A lottery has 52 numbers....Ch. 3.4 - Menu A restaurant offers a dinner special that...Ch. 3.4 - Floral Arrangements A floral arrangement consists...Ch. 3.4 - Water Pollution An environmental agency is...Ch. 3.4 - Property Inspection A property inspector is...Ch. 3.4 - Senate Committee The U.S. Senate Committee on...Ch. 3.4 - University Committee The University of California...Ch. 3.4 - Horse Race A horse race has 12 entries. Assuming...Ch. 3.4 - Pizza Toppings A pizza shop offers nine toppings....Ch. 3.4 - Jukebox You look over the songs on a jukebox and...Ch. 3.4 - Officers The offices of president, vice president,...Ch. 3.4 - Food Allergies or Intolerances In Exercises 4548,...Ch. 3.4 - Food Allergies or Intolerances In Exercises 4548,...Ch. 3.4 - Food Allergies or Intolerances In Exercises 4548,...Ch. 3.4 - Food Allergies or Intolerances In Exercises 4548,...Ch. 3.4 - Lottery In a state lottery, you must correctly...Ch. 3.4 - Committee A company that has 200 employees chooses...Ch. 3.4 - Warehouse In Exercises 5154, a warehouse employs...Ch. 3.4 - Warehouse In Exercises 5154, a warehouse employs...Ch. 3.4 - Warehouse In Exercises 5154, a warehouse employs...Ch. 3.4 - Warehouse In Exercises 5154, a warehouse employs...Ch. 3.4 - Defective Units A shipment of 10 microwave ovens...Ch. 3.4 - Defective Disks A pack of 100 recordable DVDs...Ch. 3.4 - Employee Selection Four sales representatives for...Ch. 3.4 - Employee Selection Four sales representatives for...Ch. 3.4 - Cards In Exercises 5962, you are dealt a hand of...Ch. 3.4 - Cards In Exercises 5962, you are dealt a hand of...Ch. 3.4 - Prob. 61ECh. 3.4 - Cards In Exercises 5962, you are dealt a hand of...Ch. 3 - A Daily Number lottery has a three-digit number...Ch. 3 - A Daily Number lottery has a three-digit number...Ch. 3 - A Daily Number lottery has a three-digit number...Ch. 3 - In Exercises 14, identify the sample space of the...Ch. 3 - In Exercises 14, identify the sample space of the...Ch. 3 - In Exercises 14, identify the sample space of the...Ch. 3 - In Exercises 14, identify the sample space of the...Ch. 3 - In Exercises 5 and 6, use the Fundamental Counting...Ch. 3 - In Exercises 5 and 6, use the Fundamental Counting...Ch. 3 - In Exercises 712, classify the statement as an...Ch. 3 - In Exercises 712, classify the statement as an...Ch. 3 - In Exercises 712, classify the statement as an...Ch. 3 - In Exercises 712, classify the statement as an...Ch. 3 - In Exercises 712, classify the statement as an...Ch. 3 - In Exercises 712, classify the statement as an...Ch. 3 - In Exercises 13 and 14, use the table, which shows...Ch. 3 - In Exercises 13 and 14, use the table, which shows...Ch. 3 - Telephone Numbers The telephone numbers for a...Ch. 3 - Telephone Numbers The telephone numbers for a...Ch. 3 - In Exercises 17 and 18, use the table, which shows...Ch. 3 - In Exercises 17 and 18, use the table, which shows...Ch. 3 - In Exercises 1922, determine whether the events...Ch. 3 - In Exercises 1922, determine whether the events...Ch. 3 - Prob. 3.2.21RECh. 3 - Prob. 3.2.22RECh. 3 - Prob. 3.2.23RECh. 3 - Your sock drawer has 18 folded pairs of socks,...Ch. 3 - In Exercises 25 and 26, determine whether the...Ch. 3 - In Exercises 25 and 26, determine whether the...Ch. 3 - A random sample of 250 working adults found that...Ch. 3 - A sample of 6500 automobiles found that 1560 of...Ch. 3 - Prob. 3.3.29RECh. 3 - In Exercises 2932, find the probability. 30. A...Ch. 3 - Prob. 3.3.31RECh. 3 - Prob. 3.3.32RECh. 3 - In Exercises 33 and 34, use the pie chart at the...Ch. 3 - In Exercises 33 and 34, use the pie chart at the...Ch. 3 - In Exercises 3538, use the Pareto chart, which...Ch. 3 - In Exercises 3538, use the Pareto chart, which...Ch. 3 - In Exercises 3538, use the Pareto chart, which...Ch. 3 - In Exercises 3538, use the Pareto chart, which...Ch. 3 - In Exercises 2932, find the probability. 39. You...Ch. 3 - You are given that P(A or B) = 0.55 and P(A) +...Ch. 3 - Prob. 3.4.41RECh. 3 - Prob. 3.4.42RECh. 3 - Prob. 3.4.43RECh. 3 - Prob. 3.4.44RECh. 3 - Prob. 3.4.45RECh. 3 - Prob. 3.4.46RECh. 3 - Prob. 3.4.47RECh. 3 - Prob. 3.4.48RECh. 3 - In Exercises 4953, use counting principles to find...Ch. 3 - In Exercises 4953, use counting principles to find...Ch. 3 - A shipment of 200 calculators contains 3 defective...Ch. 3 - A class of 40 students takes a statistics exam....Ch. 3 - Prob. 3.4.53RECh. 3 - Take this quiz as you would take a quiz in class....Ch. 3 - The table shows the numbers (in thousands) of...Ch. 3 - The table shows the numbers (in thousands) of...Ch. 3 - Determine whether the events are mutually...Ch. 3 - From a pool of 30 candidates, the offices of...Ch. 3 - A shipment of 250 netbooks contains 3 defective...Ch. 3 - In Exercise 6. find the probability of the vending...Ch. 3 - Sixty-five runners compete in a 10k race. Your...Ch. 3 - A security code consists of a persons first and...Ch. 3 - Determine whether the events are mutually...Ch. 3 - The table shows the sixth, seventh, and eighth...Ch. 3 - The table shows the sixth, seventh, and eighth...Ch. 3 - A person is selected at random from the sample in...Ch. 3 - There are 16 students giving final presentations...Ch. 3 - You work in the security department of a banks...Ch. 3 - You work in the security department of a banks...Ch. 3 - You work in the security department of a banks...Ch. 3 - How many phrases did Mozart write to create the...Ch. 3 - How many possible variations are there in Mozarts...Ch. 3 - Prob. 3TCh. 3 - Use technology to randomly select two numbers from...
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