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Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich
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Point spreads of NFL games. During the National Football

Chapter 7, Problem 41E

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QUESTION:

Problem 41E

Point spreads of NFL games. During the National Football League (NFL) season, Las Vegas odds makers establish a point spread on each game for betting purposes. For example, the New England Patriots were established as 3.5-point favorites over the eventual champion New York Giants in the 2012 Super Bowl. The final scores of NFL games were compared against the final point spreads established by the odds makers in Chance (Fall 1998). The difference between the game outcome and point spread (called a point-spread error) was calculated for 240 NFL games. The mean and standard deviation of the point-spread errors are  = -1.6 and s = 13.3. Use this information to test the hypothesis that the true mean point-spread error for all NFL games differs from 0. Conduct the test at  = .01 and interpret the result.

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QUESTION:

Problem 41E

Point spreads of NFL games. During the National Football League (NFL) season, Las Vegas odds makers establish a point spread on each game for betting purposes. For example, the New England Patriots were established as 3.5-point favorites over the eventual champion New York Giants in the 2012 Super Bowl. The final scores of NFL games were compared against the final point spreads established by the odds makers in Chance (Fall 1998). The difference between the game outcome and point spread (called a point-spread error) was calculated for 240 NFL games. The mean and standard deviation of the point-spread errors are  = -1.6 and s = 13.3. Use this information to test the hypothesis that the true mean point-spread error for all NFL games differs from 0. Conduct the test at  = .01 and interpret the result.

ANSWER:

Solution

Step 1 of 3

We have to test the claim that the true mean point spread error for all NFL games differs from zero

Null hypothesis H0: the true mean point spread error for all NFL games is zero

                                  Then

Alternative hypothesis  H1: the true mean point spread error for all NFL games is not zero

                                     Then (Two tailed test)

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