Identify a situation that involves making decisions using expected value, and detail the different options, expectations, and payouts. Discuss the risks involved with those expectations and, if applicable, the payouts. Include in your discussion an explanation of how to determine how much information to gather to minimize uncertainty. Finally, explain which decision should be made.
REPLY TO MY CLASSMATE’S RESPONSE TO THE ABOVE QUESTIONS AND EXPLAIN WHY YOU AGREE? (A MINIMUM OF 150 WORDS)
Before my first year of college, I was working two jobs from 7 am to 11 pm every day. I was making good money for having no free time on my hands. I wanted to save money to buy a good car that could serve me through college. After a good amount of time, I save up a great amount of money to achieve my goal. I considered a couple of factors while going through my summer. Since I had no free time, I did not really have a summer or spent time with many people because I was at work. The opportunity cost would be me deciding to get a great car or any car at the time. My expected payout would be having my car and being able to go wherever I wanted at the time. Also, my payoff in the new car would be great since I would continue to work and be able to upkeep the car. My final decision was made for the long-term purpose and what I wanted to do with the car if I wanted it to survive for college or keep it long term. I continued to work and ended up buying a great car that lasted me.
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