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Suppose we have a 0-1 output for whether a bidder wins a contract in a bidding model (0=bidder does ...

3azzoooz

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Suppose we have a 0-1 output for whether a bidder wins a contract in a bidding model (0=bidder does ...

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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