12.3 Simultaneous Decision Making and the Payoff Matrix
-Refer to Figure 12.7.The numerical data show daily profits for each of the two firms when they choose a specific pricing strategy.If both firms choose a high-price strategy,
Definitions:
Tied Observations
Instances in data where two or more subjects have exactly the same value for a particular variable.
Null Hypothesis
A statement in statistical analysis that proposes there is no difference or effect, serving as the default position until evidence indicates otherwise.
Wilcoxon Rank Sum Test
A non-parametric statistical hypothesis test used to compare two independent samples, based on the ranks of their combined observations.
Standard Deviation
A tool to evaluate the distribution's breadth or heterogeneity of a set of data.
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