Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hello need help with this one too. thanks TRY 2.39 U.S. Distribution of Wealth (Example 8) Michael Norton (of Harvard) and Dan Ariely (of Duke)

hello need help with this one too. thanks

image text in transcribed
TRY 2.39 U.S. Distribution of Wealth (Example 8) Michael Norton (of Harvard) and Dan Ariely (of Duke) did a survey reported in Harvard Magazine (Nov-Dec 2011). They asked respondents to estimate how much of the wealth is held by each quintile (fifth) of the people in the United States. The top quintile is the wealthiest 20% of the people in the United States, and the bottom quintile is the poorest 20%. They also asked respondents what the distribution should be ideally. The bar chart shows these responses, as well as the true values. For instance, the true value for the bottom fifth is 0.1% and the true value for the fourth fifth is 0.2%, so they are hard to see on the chart. This means that the poorest fifth of the people have only 0.1% of the country's wealth. (Source: http://harvard- magazine.com/2011/11/what-we-know-about-wealth) a. In truth, the top fifth (in terms of wealth) actually held about what per- centage of the wealth? b. Which figures (Ideal, Estimate, or Truth) show the least variation? c. Which figures (Ideal, Estimate, or Truth) show the most variation? d. Do people making estimates tend to underestimate or to overestimate the proportion of wealth held by the top 20%? 90 - 80 Estimate Truth Percentage Top 2nd Middle 4th Bottom Fifth Fifth Fifth Fifth Fifth 2.42 F Wealth in Fifths in US Social party at

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Equation Of Knowledge From Bayes Rule To A Unified Philosophy Of Science

Authors: Lê Nguyên Hoang

1st Edition

1000063275, 9781000063271

More Books

Students also viewed these Mathematics questions

Question

How many subnetworks in this LAN configuration? POSTE 3C

Answered: 1 week ago

Question

What is the cycle of intimate partner abuse?

Answered: 1 week ago