PowerPoint Notes�Project 2 Presentation

PowerPoint Notes�Project 2 Presentation - PowerPoint...

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PowerPoint Notes—Project 2 Presentation Presentation 1 Introduction o Bidding on oil lease Assumptions o 4 Given Data o Signal, chart with leases and historical signals Errors o Actual mean, standard deviation, mean used in project (0) o Lease number, co 1 errors, co 2 errors Frequency distribution of Errors o Frequency distribution table Bins, bin, frequency, relative frequency, adj rel frequency, midpoints. ect o pdf errors Strategy 1 o Bid signal “winners curse” o Advantage o Disadvantage Strategy o Bid signal minus winners curse o Advanctad Strategy 3 o Bid signal minu Strategy 4 o All other companies adjust by WC+WB Advantage=all companies are adjusting bids by same amount Disadvantage=our company is free to figure out own adjustment Second Slide on 4 Strategy 5 o Adjust all other companies by WC Strategy 6 o Nash Equilibrium Average of 3 trials Another slide on 6 3 rd slide on 6 o
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