Suppose We Have a 0-1 Output for Whether a Bidder

question 70

Multiple Choice

Suppose we have a 0-1 output for whether a bidder wins a contract in a bidding model (0=bidder does not win contract, and 1=bidder wins contract) . From the mean of this output, what can we determine?

• A) the mean number of bidders
• B) the average winning bid
• C) the probability that the bidder will win the contract
• D) the standard deviation of the next highest competitor's bid
• E) none of these choices

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Definitions:

Limitations

Restrictions or constraints that affect the scope, validity, or generalizability of research findings or claims.

Additional Research

The process of seeking out more information or evidence beyond what is initially available to deepen understanding or resolve uncertainties.

Cognitive Heuristics

Human decision-making shortcuts people rely on to expedite their judgments about what to believe or what to do.

Self-Regulation

A process in which one monitors one's cognitive activities, the elements used in those activities, and the results educed, particularly by applying skills in analysis, and evaluation to one's own inferential judgments with a view toward questioning, confirming, validating, or correcting either one's reasoning or one's results.