Tests for Ordinal Data ______

question 47

Multiple Choice

Tests for ordinal data ______.

• A) are nonparametric tests
• B) do not measure variance to test for significance
• C) minimize problems associated with having outliers in a data set
• D) all of these

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Definitions:

Winner's Curse

A phenomenon in auctions, suggesting that the winning bidder tends to overpay due to incomplete information or overly optimistic value assessments.

Sealed-Bid Auction

A type of auction where all bidders simultaneously submit sealed bids to the auctioneer, and the highest bidder wins without knowing the bids of the others.

Private Values

A situation in auctions or market transactions where the value of an item is known only to the individual bidder or participant, not to the other bidders or the seller.

Vickrey Auction

An auction model where sealed bids are submitted, and although the item goes to the highest bidder, the price they pay is determined by the second-highest bid.