Robin is planning to ask Peggy to the Homecoming dance. Before he asks her, he wants to
Question:
I. Ask 10 of his friends, “Do you think she’ll really say yes?”
II. Tell another 10 of his friends, “I’m starting a betting market. I’ll pay $10 if she says yes, $0 if she says no. I’m offering this bet only once, to the highest bidder. Start bidding against each other for a chance at $10!”
a. According to the evidence in this chapter, one of these methods will work better. Which one, and why?
b. If the highest bid from Group II is $1 (along with a few lower bids of $0.75, $0.50, and zero), then roughly what’s the chance that Peggy will say yes to Robin?
c. If the highest bid from Group II quickly shoots up to about $9, then what’s the chance that Peggy will say yes to Robin?
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a According to the evidence method II the betting market will work better When money is o...View the full answer
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