1. A patient lives for two periods, 1 and 2. Her well-being in period 2 depends on her state of health, s = 0, in which larger numbers imply better health status, as well as some healthrelated action t = 0 which is taken in period 1, but has a health impact in period 2. The patient derives utility from two sources. First, she gets instantaneous instrumental utility in period 2 from having her health behaviour match her health state. Formally, her instrumental utility is (-|s-t|). This means that in terms of instrumental utility, it is always optimal to align the action with the state, that is to set t = s. As an example, lower values of t could represent taking health concerns more seriously, for instance by doing x-rays. Then, instrumental utility implies that a more concerning health condition calls for more serious intervention. Notice that in this specific model, the variable t does not affect the health state s (the two are independent) but the well-being. Secondly, the patients derives anticipatory utility in period 1 from her beliefs about her health condition in period 2. The patient’s initial belief is that with probability p = 0.3 her health state will be s1 = 36 and with probability 1 – p = 0.7, it will be s2 = 49. Her anticipatory utility, which depends on her expected health state given her beliefs is 22· v p · s1 + (1 – p)s2. The patient’s expected total utility in period 1, which combines expected instrumental utility in period 2, plus anticipatory utility in period 1, is thus: 22 · v p · s1 + (1 – p)s2 – p|s1 – t| – (1 – p)|s2 – t| In period 1, the patient has the option of visiting a doctor to get diagnosed. The visit is free, and will remove any doubt about her future value of s. (In other words, her beliefs 1 about p will go either to p = 0 or to p = 1). If she does not visit the doctor, she will not learn any information about s, and will keep believing that the two states are equally likely. After deciding whether to go to the doctor, and after getting the diagnosis if she does go, the patient then chooses what health action t to take. (a) Write the patient’s expected total utility in period 1 as a function of t, if she decides NOT to visit the doctor. What level of intervention t (e.g. a diet) she selects? What is her expected total utility given the optimal t? (Hint: the EU function has components with absolute value. It is advisable to draw pen and paper the EU first in order to understand the problem… ) (b) Write the patient’s expected total utility as a function of t if she visits the doctor and gets a bad diagnosis, that is p = 1, so that her future health status is s1 = 36 for sure. What level of intervention t does she choose? What is her utility given the optimal t? (c) Repeat the exercise in part (b) for the case in which the patient visits the doctor and gets a good diagnosis, i.e. p = 0, so that her future health condition is s2 = 49 for sure. (d) Write the patient’s expected total utility from deciding to visit the doctor, not knowing which diagnosis she will get. This is the weighted sum of the utilities in (b) and (c), with the weights equal to the probabilities of the two possible diagnoses. Will the patient decide to visit the doctor? (e) Now suppose that the patient’s possible negative diagnosis is extreme sickness, that is s1 = 10. The other possibility is still s2 = 49, with the two health states still being determined by p and 1 – p. Using the same steps as in parts (a) through (d), solve for whether the patient goes to the doctor. (f) Conventional wisdom says that when information is more important for making choices, a person is more likely to seek out that information. Thus, availability of information about health risks and the effect of health behaviours is an optimal policy. How does the consideration of anticipatory utility alter this conventional paradigm? Is that true in the above case? 2. Consider the model we used to explain the representativeness heuristics in class (i.e. the Freddy model) and imagine Freddy’s psychology is such that the ”urn” size is N = 10. Suppose Freddy observes quarters of performance by fund manager Helga. Helga may be a skilled, mediocre or unskilled manager. A skilled fund manager has a 3/4 chance of beating the market each quarter, a mediocre manager has a 1/2 chance of beating the market each quarter and an unskilled manager has a 1/5 chance of beating the market each quarter. Because Freddy is an avid Bloomberg subscriber, he knows these odds. Importantly, in reality the performance of managers are independent from quarter to quarter. (a) Suppose first that Freddy thinks Helga is mediocre. What does Freddy think is the probability that Helga beats the market in the first quarter? Suppose that she actually beats the market on the first quarter. What does Freddy think is the probability she does it again? Suppose that she beats the market again. What does Freddy think is the probability that she will do so a third time? (b) How do the three probabilities in part (a) relate to each other? What sort of psychological bias does this reflect? (c) Now suppose that Freddy does not know whether Helga is skilled, mediocre or unskilled. He has just observed two consecutive quarters of under performance by Helga. Can he conclude which type of manager Helga is? Can he rule out any of the three type? If not, how many additional rounds he needs to conclude something? Explain your intuition… 2 (d) How many more quarters of under performance does Freddy need to observe in order to be sure of Helga’s type? (e) Now, let assume that Freddy observes the performance of a large sample of hedge-fund managers over two quarters. The sense of the next part of the exercise is to derive what Freddy concludes about the proportion of skilled, mediocre, and unskilled managers in the population. In reality, all managers in the market are mediocre. i. Let’s compute the proportions that Freddy (and any other trader) observes. What proportion of managers will beat the market twice? What proportion will have two under-performances? What proportion will have mixed performances? . ii. Suppose Freddy though that the proportion of skilled, mediocre, and unskilled managers in the population was q˜, 1-2˜q, and q˜, respectively. What does Freddy expect should be the proportion of managers who show two above-market performances in a row? iii. Given your answers to the previous two parts, what does Freddy infer is the proportion q˜ of skilled managers in the population? Provide an intuition for your answer 3. Explain, in your own words, what is the fallacy exemplified in the below excerpt. ”Correlations between the USD price of cryptoassets are constantly fluctuating due to a variety of factors – one of the most important factors is market irrationality <…> which has an effect similar to co-movement phenomenon. The below chart displays the average correlation, in USD prices, amongst all crypto currencies. The data shows that whenever correlations between these coins reach a specific positive upper bound between 0.8 and 1.0, the trend of Bitcoin against USD tends to reverse, or at least halts the previous price action. The cumulative duration of these periods totaled 513 days, or more than one-quarter of the entire sample range, indicating that the crypto market is prone to show extreme correlations. On average, these “0.8+ correlation periods” lasted for durations of about 39 days, with an average maximum correlation of 0.901. The most recent “peak correlation period” lasted 90 days until March 14, the longest such period in crypto-history. That coincided with Bitcoin’s fall from the 6, 000 range to the 3, 000 range. This high correlation suggests that market sentiment has already found a local maximum during that period, and a trend reversal may possibly ensue. Such a price movement pattern, to some extent, may reflect both the irrational behavior of market participants and some inherent traits of a young market.”. (Binance Research – Investigating Cryptoassets Cycles )
BE-PS3.pdf
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1 A Flat Turbine Agitator With A Disk Having Six Blades Is Installed In A Tank The T 2811351
/in Uncategorized /by developer1. .A flat turbine agitator with a disk having six blades is installed in a tank. The tank diameter is1.83 m, the turbine diameter is 0.61 m, Dt = H, and the width W is 0.122 m. The tank contains four baffles, each having a width of J = 0.15 m. The turbine is operated at 90 rpm and the liquid in the tank has a viscosity of 10 cps and a density of 929 kg/m3. It is desired to design a small pilot plant unit with a vessel volume of 2 L so that the effects of various process variables on the system can be studied in the laboratory. The rates of mass transfer appear to be important in this system, so the scale down should be on this basis. Design the new system specifying sizes, rpm and power.
2.An ideal gas flows isetropically through a converging-diverging nozzle. At a section in the converging portion of the nozzle, A1= 0.1 m2, p1= 600 kPa (abs), T1= 20 ? C, and Ma1 = 0.6. For section (2) in the diverging part of the nozzle, determine A2, p2 and T2 if Ma2 = 3 and the gas is air.
3.Air is injected into a 50 m long horizontal pipeline (of 42 mm diameter) carrying a clay slurry of density 1452 kg/m 3. The rheological behaviour of the slurry follows the power-law model, with m = 5.55 Pa sn and n = 0.35. The volumetric flow rates of air and liquid are 7.48 and 1.75 m3/h, respectively. The air is introduced into the pipeline at 20°C and at a pressure of 1.2 bar. Ascertain the flow pattern occurring in the pipeline. Estimate (a) the average liquid holdup at the midpoint, (b) the pressure gradient for the two phase flow, (c) the maximum achievable drag reduction and the air velocity to accomplish it.
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1 A For The Circuit Shown In Figure 1 Sketch The Voltage Waveform Across The Seconda 2866555
/in Uncategorized /by developer1. (a) For the circuit shown in FIGURE 1 sketch the voltage waveform across the secondary winding of the transformer. On the same diagram sketch the load voltage waveform. The sketches should take into account diode voltage drops. Indicate the following on the sketches: (i) when diodes are conducting and in what order (ii) when the capacitor is charging and discharging (b) With the aid of the above voltage waveform sketches, briefly explain the operation of the circuit. Document Preview:
(a) For the circuit shown in FIGURE 1 sketch the voltage waveform across the secondary winding of the transformer. On the same diagram sketch the load voltage waveform. The sketches should take into account diode voltage drops. Indicate the following on the sketches: when diodes are conducting and in what order when the capacitor is charging and discharging With the aid of the above voltage waveform sketches, briefly explain the operation of the circuit. T1 vSECONDARYDD1ESUPPLY2 D3D4 C1vCRL 10 : 1 FIG. 1 Teesside University Open Learning© Teesside University 2011 Created with an evaluation copy of Aspose.Words. To discover the full versions of our APIs please visit: https://products.aspose.com/words/ The source voltage for the power supply circuit shown in FIGURE 1 is mains, i.e. 230 V rms at a frequency of 50 Hz. Calculate the following for a load resistance of 25 ? and a smoothing capacitance of 1000 µF: rms and peak voltage across the secondary winding of the transformer the peak voltage across the capacitor the peak-to-peak and rms ripple voltages the load d.c. voltage and current. Model the power supply circuit using PSPICE and use the simulation to plot the load and ripple voltages, the current in the capacitor and a diode. Compare the waveforms with the values calculated above and attempt to account for any discrepancies. Briefly explain the function and operation of TR1, TR2, R1 and R1 in the circuit shown in FIGURE 2. R2 TR1 Created with an evaluation copy of Aspose.Words. To discover the full versions of our APIs please visit: https://products.aspose.com/words/ R1 TR2 Voltage regulator InOut Common Created with an evaluation copy of Aspose.Words. To discover the full versions of our APIs please visit: https://products.aspose.com/words/ VINRLOAD FIG. 2 Teesside University Open Learning© Teesside University 2011 Created with an evaluation copy…
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1 A Group Of Researchers Conducted An Experiment To Determine Which Vaccine Is More 2858721
/in Uncategorized /by developer1.A group of researchers conducted an experiment to determine which vaccine is more effective for preventing getting the flu. They tested two different types of vaccines: a shot and a nasal spray. To test the effectiveness, 1000 participants were randomly selected with 500 people getting the shot and 500 the nasal spray. Of the 500 people were treated with the shot, 80 developed the flu and 420 did not. Of the people who were treated with the nasal spray, 120 people developed the flu and 380 did not. The level of significance was set at .05. The proportion of people who were treated with the shot who developed the flu = .16, and the proportion of the people who were treated with the nasal spray was .24. The calculated p value = .0008.
We have to research Is there any significant difference between two typres of vaccine i.e, a shot and nasal spray used for preventing nasal spray?
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1 A Gearbox Is Modeled As Which Comprises Two Identical Gears Of Moments Of Inertia 2647670
/in Uncategorized /by developer1. A gearbox is modeled as which comprises two identical gears of moments of inertia J1 and N1 teeth, meshing with two identical pinions of moments of inertia J2 and N2 teeth. All three shafts have stiffness k. For the relations given below:
find the natural frequencies and natural modes of the system. Sketch the latter.
2. Derive a procedure to obtain the zero-state response of a two-dof semidefinite system that does not preserve the generalized—translational or angular— momentum. To this end, use as an example the belt-pulley system.
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1 A Group Of Researchers Conducted An Experiment To Determine Which Vaccine Is More 2858724
/in Uncategorized /by developer1.A group of researchers conducted an experiment to determine which vaccine is more effective for preventing getting the flu. They tested two different types of vaccines: a shot and a nasal spray. To test the effectiveness, 1000 participants were randomly selected with 500 people getting the shot and 500 the nasal spray. Of the 500 people were treated with the shot, 80 developed the flu and 420 did not. Of the people who were treated with the nasal spray, 120 people developed the flu and 380 did not. The level of significance was set at .05. The proportion of people who were treated with the shot who developed the flu = .16, and the proportion of the people who were treated with the nasal spray was .24. The calculated p value = .0008.
We have to research Is there any significant difference between two typres of vaccine i.e, a shot and nasal spray used for preventing nasal spray?
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1 A Patient Lives For Two Periods 1 And 2 Her Well Being In Period 2 Depends On Her 3832042
/in Uncategorized /by developer1. A patient lives for two periods, 1 and 2. Her well-being in period 2 depends on her state of health, s = 0, in which larger numbers imply better health status, as well as some healthrelated action t = 0 which is taken in period 1, but has a health impact in period 2. The patient derives utility from two sources. First, she gets instantaneous instrumental utility in period 2 from having her health behaviour match her health state. Formally, her instrumental utility is (-|s-t|). This means that in terms of instrumental utility, it is always optimal to align the action with the state, that is to set t = s. As an example, lower values of t could represent taking health concerns more seriously, for instance by doing x-rays. Then, instrumental utility implies that a more concerning health condition calls for more serious intervention. Notice that in this specific model, the variable t does not affect the health state s (the two are independent) but the well-being. Secondly, the patients derives anticipatory utility in period 1 from her beliefs about her health condition in period 2. The patient’s initial belief is that with probability p = 0.3 her health state will be s1 = 36 and with probability 1 – p = 0.7, it will be s2 = 49. Her anticipatory utility, which depends on her expected health state given her beliefs is 22· v p · s1 + (1 – p)s2. The patient’s expected total utility in period 1, which combines expected instrumental utility in period 2, plus anticipatory utility in period 1, is thus: 22 · v p · s1 + (1 – p)s2 – p|s1 – t| – (1 – p)|s2 – t| In period 1, the patient has the option of visiting a doctor to get diagnosed. The visit is free, and will remove any doubt about her future value of s. (In other words, her beliefs 1 about p will go either to p = 0 or to p = 1). If she does not visit the doctor, she will not learn any information about s, and will keep believing that the two states are equally likely. After deciding whether to go to the doctor, and after getting the diagnosis if she does go, the patient then chooses what health action t to take. (a) Write the patient’s expected total utility in period 1 as a function of t, if she decides NOT to visit the doctor. What level of intervention t (e.g. a diet) she selects? What is her expected total utility given the optimal t? (Hint: the EU function has components with absolute value. It is advisable to draw pen and paper the EU first in order to understand the problem… ) (b) Write the patient’s expected total utility as a function of t if she visits the doctor and gets a bad diagnosis, that is p = 1, so that her future health status is s1 = 36 for sure. What level of intervention t does she choose? What is her utility given the optimal t? (c) Repeat the exercise in part (b) for the case in which the patient visits the doctor and gets a good diagnosis, i.e. p = 0, so that her future health condition is s2 = 49 for sure. (d) Write the patient’s expected total utility from deciding to visit the doctor, not knowing which diagnosis she will get. This is the weighted sum of the utilities in (b) and (c), with the weights equal to the probabilities of the two possible diagnoses. Will the patient decide to visit the doctor? (e) Now suppose that the patient’s possible negative diagnosis is extreme sickness, that is s1 = 10. The other possibility is still s2 = 49, with the two health states still being determined by p and 1 – p. Using the same steps as in parts (a) through (d), solve for whether the patient goes to the doctor. (f) Conventional wisdom says that when information is more important for making choices, a person is more likely to seek out that information. Thus, availability of information about health risks and the effect of health behaviours is an optimal policy. How does the consideration of anticipatory utility alter this conventional paradigm? Is that true in the above case? 2. Consider the model we used to explain the representativeness heuristics in class (i.e. the Freddy model) and imagine Freddy’s psychology is such that the ”urn” size is N = 10. Suppose Freddy observes quarters of performance by fund manager Helga. Helga may be a skilled, mediocre or unskilled manager. A skilled fund manager has a 3/4 chance of beating the market each quarter, a mediocre manager has a 1/2 chance of beating the market each quarter and an unskilled manager has a 1/5 chance of beating the market each quarter. Because Freddy is an avid Bloomberg subscriber, he knows these odds. Importantly, in reality the performance of managers are independent from quarter to quarter. (a) Suppose first that Freddy thinks Helga is mediocre. What does Freddy think is the probability that Helga beats the market in the first quarter? Suppose that she actually beats the market on the first quarter. What does Freddy think is the probability she does it again? Suppose that she beats the market again. What does Freddy think is the probability that she will do so a third time? (b) How do the three probabilities in part (a) relate to each other? What sort of psychological bias does this reflect? (c) Now suppose that Freddy does not know whether Helga is skilled, mediocre or unskilled. He has just observed two consecutive quarters of under performance by Helga. Can he conclude which type of manager Helga is? Can he rule out any of the three type? If not, how many additional rounds he needs to conclude something? Explain your intuition… 2 (d) How many more quarters of under performance does Freddy need to observe in order to be sure of Helga’s type? (e) Now, let assume that Freddy observes the performance of a large sample of hedge-fund managers over two quarters. The sense of the next part of the exercise is to derive what Freddy concludes about the proportion of skilled, mediocre, and unskilled managers in the population. In reality, all managers in the market are mediocre. i. Let’s compute the proportions that Freddy (and any other trader) observes. What proportion of managers will beat the market twice? What proportion will have two under-performances? What proportion will have mixed performances? . ii. Suppose Freddy though that the proportion of skilled, mediocre, and unskilled managers in the population was q˜, 1-2˜q, and q˜, respectively. What does Freddy expect should be the proportion of managers who show two above-market performances in a row? iii. Given your answers to the previous two parts, what does Freddy infer is the proportion q˜ of skilled managers in the population? Provide an intuition for your answer 3. Explain, in your own words, what is the fallacy exemplified in the below excerpt. ”Correlations between the USD price of cryptoassets are constantly fluctuating due to a variety of factors – one of the most important factors is market irrationality <…> which has an effect similar to co-movement phenomenon. The below chart displays the average correlation, in USD prices, amongst all crypto currencies. The data shows that whenever correlations between these coins reach a specific positive upper bound between 0.8 and 1.0, the trend of Bitcoin against USD tends to reverse, or at least halts the previous price action. The cumulative duration of these periods totaled 513 days, or more than one-quarter of the entire sample range, indicating that the crypto market is prone to show extreme correlations. On average, these “0.8+ correlation periods” lasted for durations of about 39 days, with an average maximum correlation of 0.901. The most recent “peak correlation period” lasted 90 days until March 14, the longest such period in crypto-history. That coincided with Bitcoin’s fall from the 6, 000 range to the 3, 000 range. This high correlation suggests that market sentiment has already found a local maximum during that period, and a trend reversal may possibly ensue. Such a price movement pattern, to some extent, may reflect both the irrational behavior of market participants and some inherent traits of a young market.”. (Binance Research – Investigating Cryptoassets Cycles )
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1 A Market Can Be Described By The Equations Qd 100 A 1 P And Qs P What Are The Equi 1189436
/in Uncategorized /by developer1.A market can be described by the equations Qd = 100 A????1 P and Qs= P. What are the equilibrium price and quantity in thismarket?
A. The equilibrium price is $50 and the equilibrium quantity is50 units.
B. The equilibrium price is $100 and the equilibrium quantity is100 units.
C. The equilibrium price is $0 and the equilibrium quantity is 0units.
D. The equilibrium price is $0 and the equilibrium quantity is100 units.
2. In free markets, shortages lead to:
A. lower prices.
B. higher prices.
C. surpluses.
D. unexploited gains from trade
3 The demand curve for Froot Loops breakfast cereal is veryelastic because:
A. most breakfast cereals are considered a luxury good.
B. there are many good substitutes for Froot Loops.
C. the demand curve is negatively sloped.
D. it is one of the most advertised cereals in the world.
4.Which good below might be expected to have the most inelasticdemand curve?
A. salt
B. women’s blouses from Walmart
C. potato chips
D. Tylenol
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1 A Researcher Suspected That The Number Of Between Meals Snacks Eaten By Students I 3775923
/in Uncategorized /by developer1. A researcher suspected that the number of between meals snacks eaten by students in a day during final examinations might depend on the number of tests a students had to take on that day. The accompanying table shows joint probabilities, estimated from a survey
Number of tests (X)
Number of snacks(Y)
0
1
2
3
0
0.07
0.09
0.06
0.01
1
0.07
0.06
0.07
0.01
2
0.06
0.07
0.14
0.03
3
0.02
0.04
0.16
0.04
a. Find the probability distribution of X and compute the mean number of test taken by students on that day
b. Find the probability distribution of Y and compute the mean number of snacks by students on that day
c. Find and interpret the conditional probability distribution of Y given that X=3.
d. Find the covariance between X and Y
e. Are number of snacks and number of tests independent?
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1 A Researcher Suspected That The Number Of Between Meals Snacks Eaten By Students I 3775634
/in Uncategorized /by developer1. A researcher suspected that the number of between meals snacks eaten by students in a day during final examinations might depend on the number of tests a students had to take on that day. The accompanying table shows joint probabilities, estimated from a survey
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1 A Payment Schedule Requires 20 Payments Of 10 000 The First Payment To Be Made 15 2808367
/in Uncategorized /by developer1. A payment schedule requires 20 payments of $10,000, the first payment to be made 15 years from today. Assuming a discount rate of 10%, what is the present value of this series of payments? (2 marks)
2. Assume the payment schedule in problem 1 changes as follows:
. the payment 17 years from today is waived, and
. a payment of $20,000 is made 18 years from today.
Assuming a discount rate of 10%, what is the present value of this series of payments? (2 marks)
3. Your friend is celebrating his 35th birthday today and wants to start saving for his anticipated retirement at age 65. He wants to be able to withdraw $10,000 from his savings account on each birthday for 10 years following his retirement; the first withdrawal will be on his 66th birthday. Your friend intends to invest his money in the local savings bank, which offers 8 per cent interest per year. He wants to make equal, annual payments on each birthday in a new savings account he will establish for his retirement fund. If he starts making these deposits on his 36th birthday and continues to make deposits until he is 65 (the last deposit will be on his 65th birthday), what amount must he deposit annually to be able to make the desired withdrawals on retirement? (3 marks)
4. Calculate an equivalent annual income for 20 years on the following income stream received over 30 years if the interest rate is 10% per annum compounded annually:
Years 1-15 $15,000pa
Years 16-20 $20,000pa
Years 21-30 $30,000pa (3 marks)
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