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Category > Statistics Posted 09 May 2017 My Price 12.00

Collusive bidding in road construction

 Road construction contracts in the state of Florida are awarded on the basis of competitive, sealed bids; the contractor who submits the lowest bid price wins the contract. During the 1980s, the Office of the Florida Attorney General (FLAG) suspected numerous contractors of practicing bid collusion (i.e., setting the winning bid price above the fair, or competitive, price in order to increase profit margin). By comparing the bid prices (and other important bid variables) of the fixed (or rigged) contracts to the competitively bid contracts, FLAG was able to establish invaluable benchmarks for detecting future bid-rigging. FLAG collected data for 279 road construction contracts. For each contract, the following variables shown in the table below were measured. (The data are saved in the file named FLAG2.)

(a) Consider building a model for the low-bid price (y). Apply stepwise regression to the data to find the independent variables most suitable for modeling y.

(b) Interpret the β estimates in the resulting stepwise regression model.

(c) What are the dangers associated with drawing inferences from the stepwise model?

Answers

Alpha Geek
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Status NEW Posted 09 May 2017 11:05 AM My Price 12.00

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file 1494330769-Answer.docx preview (203 words )
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