JSM 2004 Online Program

Abstract #300988

This is the preliminary program for the 2004 Joint Statistical Meetings in Toronto, Canada. Currently included in this program is the "technical" program, schedule of invited, topic contributed, regular contributed and poster sessions; Continuing Education courses (August 7-10, 2004); and Committee and Business Meetings. This on-line program will be updated frequently to reflect the most current revisions.

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Activity Number:	443
Type:	Contributed
Date/Time:	Thursday, August 12, 2004 : 10:30 AM to 12:20 PM
Sponsor:	Section on Statistical Education
Abstract - #300988
Title:	Major Portion Analysis
Author(s):	Mary S. Fowler*+ and Joseph B. Kadane
Companies:	Worcester State College and Carnegie Mellon University
Address:	15 Northwoods Rd., Groton , MA, 01450,
Keywords:	truncation ; law ; oil ; royalties
Abstract:	It is often difficult to offer students real-life examples requiring the use of calculus-based probability theory. We present such an example, concerning the valuation of oil for royalty purposes due to Indian tribes on leases let by the Department of the Interior. All oil sales made at prices below the median are to be valued at the median price to determine the royalty to be paid. This leads to an interesting truncation problem that is addressed using basic probability theory.

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