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Corporate Decision Making Methods January 2014
Last Name: First Name:
ID.:
Write down your answer by inserting an “X” in the chart:
Questions a b c d Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 Question 11 Question 12
GRADING : Right answer:
Wrong answer:
No answer: 0.
It is necessary for passing to get, at least, 5.0 points. Exam will take 100 minutes.
This exam consists of 5 stapled sheets. Under no circumstances is detaching sheets allowed. Questions will be marked if they have been worked out, justified and written down in the chart
Scores will be released on Internet.
Corporate Decision Making Methods January 2014
Corporate Decision Making Methods January 2014 EXERCISE 2
Questions 3 and 4
Jane is looking for a job on weekends to make a trip next summer. She has found two jobs, first as a waitress in a cocktail bar and the second as a cashier in a supermarket.
If she accepts the job as a waitress her salary will depend on number of clients, so she can earn € 4,000 per year if the bar is recommended by a review by the increase of customers, or € 3,000 if it is not. The probability of being recommended in the magazine is 0.3.
If she works as a cashier her salary will depend on the number of hours assigned to it. If she works in the morning then she can only earn € 2,700 which can be increased to € 4,500 if her person responsible allows her to work more hours and she can also help in the store, what will happen with a probability of 0.8.
3. Which of the two works will Jane accept?
a) She will accept the work in the cocktail bar because it seems more entertaining. b) She will accept the job at the supermarket with an expected salary € 4,140. c) The other options are false d) Both options are indifferent
4. How much would she be willing to pay the supermarket manager to know if he will allow her to work more hours?
a) The other options are false b) Not a single euro c) Approximately 130 € d) A maximum of 120 €
Corporate Decision Making Methods January 2014 EXERCISE 3
Question 5
George wants to take a competitive examination and he is considering whether to look for a personal trainer or to enrol in school. The coach charges him € 200 per month and the price includes all materials needed to prepare items. The school charges him € 150 including background documentation, but if legislation changes before the competitive examination this price can be increased up to 240 € because issues need to be updated. The probability of changing the law is 40%.
5. According to the stochastic dominance criterion, if 200 x , then
a) George prefers going to school b) George prefers looking for a personal trainer c) The other options are false d) Both decisions will be indifferent to George
Corporate Decision Making Methods January 2014
Corporate Decision Making Methods January 2014
Corporate Decision Making Methods January 2014 EXERCISE 6
Question 12
A decision maker has got a utility function ( x in thousands of dollar) like:
x 7 5 1 0 - V(x) 3 1 0 -1 -
Once you had computed the normalized utility function, and considering the scaling of
preferences according to this lottery:
5 0 0.5 0.
L :
12. The certainty Equivalent is
a) 5 b) 1 c) 0 d) None of above
