hw2 - 2. Make a series of repeat trials, each consisting of...

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ChE/MEE 138 — ChE/MEE 212 (F2000) THE PRINCIPLES OF RISK ANALYSIS Homework #2 The purpose of this homework is to (1) make you think about chance in terms of per- mutations of events, and (2) gain some experience with examining sample data from a population, and appreciate potential pitfalls if the data are sparce 1. Determine the odds in a Game of Balla (as defined by Lucca Paccioli) as a function of the total number of games agreed upon, but always deciding how to split the winnings after the first game. Also, how do the splits vary for a fixed number of games (say 7), as the number of games played increases? (20%)
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Unformatted text preview: 2. Make a series of repeat trials, each consisting of picking 10 random samples (always with replacement) from the population of numbers provided (see your e-mail). Take the mean of each 10 random samples. Each time cumulate the sample with all previous ones, plot a histogram, nd the mean value, the variance, and guess the underlying population distribution. Stop when you think you have enough information to infer the population content. Now, take the whole population provided and do the same. Compare and comment. Examine all of your results from a Central Limit Theorem perspective. (80%)...
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