I_Smell_Mendacious
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User ID: 1016
Assuming the potential payoff is the same, then no, the 1 in 500 scenario is worse. .002 * 50 = .1 years of lost freedom. .01 * 5 = .05 years of lost freedom. Twice the expected negative value.
Mathematically, going from 1 in 100 chance of 5 years to 1 in 20 chance of 2 years, the first one is a better risk. But I suspect most people would hesitate more at the 2nd one. What's sensible, I guess that depends on how you like to structure your risk, how many times you plan to take said risk, expected positive value, lots of factors really. But from a public policy perspective, it's more important to understand how criminals (mostly young men) structure their risk. Probably not utilizing game theory, so increasing enforcement rather than penalties makes sense.
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