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Question: -Suppose there ar



-Suppose there are 2 firms, one firm provides

a perfectly safe work environment and pays a wage of $20,000 per year.? The second firm has a somewhat riskier work environment.? In this case the worker has a 10% risk of getting injured and earning only 10,000 due to lost work time and a 90% chance of not being injured and receiving a wage of 25,000.? ?2a. Create a decision tree using the figure below to outline the possible outcomes. What is the expected payoff from the second job?? Which job would you choose and why?
? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
? ? 2b ?What types of problems arise in this type of simple wage risk study?


 


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Apr 19, 2020

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