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Mathematics, 24.06.2020 05:01, elijahbravo7107
An economist at Vanderbilt University devised a study to compare different types of online auctions. In one experiment he compared a Dutch auction to a first-place sealed bid auction. In the Dutch auction the item for sale starts at a very high price and is lowered gradually until someone finds the price low enough to buy. In the first-price sealed bid auction each bidder submits a single sealed bid before a particular deadline. After the deadline, the person with the highest bid wins. The researcher auctioned off collectible trading cards from the game Magic: The Gathering. He placed pairs of identical cards up for auction; one would go into Dutch auction and the other to the first-price sealed bid auction. He then looked at the difference in the prices he received on the pair. He repeated this for a total of 88 pairs.
[a] Explained why the data should be analyzed using paired samples as opposed to two independent samples.
[b] What makes a pair?
[c] What is the explanatory variable? Is it categorical or quantitative?
[d] What is the response variable? Is it categorical or quantitative?
[e] State the relevant hypotheses in words:
Null hypothesis:
Alternative hypothesis:
[f] Define the parameter of interest and give the symbol that should be assigned to it.
[g] State the relevant hypotheses in symbols (using a parameter):
Null hypothesis:
Alternative hypothesis:
[h] Assume the p-value is 0.17 (write a conclusion).
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Answers: 2
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An economist at Vanderbilt University devised a study to compare different types of online auctions....
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