5.6. A baseball trading card that you have for sale may be quite valuable. Suppose that the...

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5.6. A baseball trading card that you have for sale may be quite valuable.

Suppose that the successive bids ,, i2.... that you receive are independent random variables with the geometric distribution Pr( = k) = 0.01(0.99)k for k = 0, 1.... .

If you decide to accept any bid over $100, how many bids, on the average, will you receive before an acceptable bid appears?

Hint: Review the discussion surrounding equation (5.6).

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An Introduction To Stochastic Modeling

ISBN: 9780126848878

3rd Edition

Authors: Samuel Karlin, Howard M. Taylor

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Question Posted: Oct 31, 2024 03:00 AM

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5.6. A baseball trading card that you have for sale may be quite valuable. Suppose that the...

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An Introduction To Stochastic Modeling

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