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When answering this question:
Suppose you can take one of two summer jobs. In the first job as a flight attendant, with a salary of $5,000, you estimate the probability you will die is 1 in 40,000. Alternatively, you could drive a truck transporting hazardous materials, which pays $12,000 and for which the probability of death is 1 in 10,000. Suppose that you're indifferent between the two jobs except for the pay and the chance of death. If you choose the job as a flight attendant, what does this say about the value you place on your life?
Why is it that when you calculate the expected salary for the truck driver you multiply 5000(1-1/10000) instead of of 12,000(1-1/10000)
This document contains various important questions and their appropriate answers in the subject field of Economics.
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