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    odavis's Avatar
    odavis Posts: 1, Reputation: 1
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    #1

    Apr 17, 2010, 08:18 PM
    Suppose we are interested in bidding on a piece of land and we know one other bidder
    Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,400 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,400 and $15,100. Suppose you bid $12,000. What is the probability that your bid will be accepted
    InfoJunkie4Life's Avatar
    InfoJunkie4Life Posts: 1,409, Reputation: 81
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    #2

    Apr 18, 2010, 11:32 AM

    15100 - 10400 = 4700

    Say there are 4700 possible bids (assuming you can only bid in whole dollar amounts). There is a 1 in 4700 chance that they will bid exactly your amount.

    11999 - 10400 = 1599

    There is a 1599 in 4700 chance that they will bid lower.

    15100 - 12001 = 3099

    There is a 3099 in 47000 chance they will bid higher.

    That should get you started...
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