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Published in:
2018 | OriginalPaper | Chapter
13. Setting a Budget for Making Decisions Clearly
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Abstract
Imagine standing beside your automobile at the starting line of a scavenger hunt and obstacle course that spans the continent from New York to Los Angeles. If you win, you will increase your income by $1 million. The trip does not come without its costs and risks, though. You will be responsible for the cost of food, fuel, and lodging. The route you take will bear a conditional effect on the travel costs as well as the cost of time. Every mile on the road will expose you to potential mechanical failures, the cost of repair and lost time, run-ins with the local gendarme, and possible roadway death. In your planning before the race (if you choose to plan at all), would you know how to choose the route that certainly results in the highest net gain?