Compute expected value of thief-s initial wealth

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Reference no: EM13112173

In the crime ridden neighborhood, thief is attempting to decide whether or not to rob local bank today. From experience, Thief knows that with probability 0.5 the local bank will have ‘anti-thief protection plan' in which case he will get caught. If he gets caught, he will have to pay 1000 US dollars in bail charges. If he succeeds he will obtain 2000 US dollars. suppose that thief currently has 1500 US dollars in his pocket. Compute expected value of this undertaking (ensure to take into account thief's initial wealth).

Reference no: EM13112173

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