What_is_life_worth

What_is_life_worth - Suppose I place two boxes on a table...

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$ 1,000 Ball(s) Money Suppose I place two boxes on a table. In one I will collect a number of balls. In the other I will place packets of 10 One Hundred Dollar bills. 1 $1,000 First I drop a Black ball in the “Ball Box,” and a packet of bills ($1,000) in the “Money Box.”
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$ 1,000 Ball(s) Money 2 $2,000 Now I drop a White ball in the “Ball Box,” and another packet of bills ($1,000) in the “Money Box.”
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$ 2,000 Ball(s) Money 2 $2,000 I now propose the following game. You (blindfolded) may draw one ball from the box. If you select a white ball, you win all of the money in the money box. Take it! It is yours to keep! If you draw the black ball, YOU DIE! May you Rest in Peace…… Do I have any “Takers?”
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$ 1,000 Ball(s) Money 3 $3,000 Suppose I drop another White ball in the “Ball Box,” and another packet of bills ($1,000) in the “Money Box.” Same game: draw a White Ball and you get all of the money ($3,000)……draw the Black Ball, and you die. Any “Takers?”
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$1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Ball(s) Money 10 $10,000 Now I drop seven more White balls in the “Ball Box,” and another seven more packets of bills ($1,000) in the “Money Box.” Wanna play? Draw a White Ball, you win $10,000. Black…you die! No takers? I didn’t expect any…. .yet. If you ARE willing to take this gamble, I AM worried about you. Are you a drug addict? Suicidal?
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Ball(s) Money Suppose I add another 40 White Balls……we now have 49 White Balls and 1 Black (DEADLY) Ball in the “Ball Box,” and $50,000 in the “Money Box.” 50 $50,000
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This note was uploaded on 03/18/2011 for the course ECON 415 taught by Professor Holland during the Spring '09 term at Purdue.

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What_is_life_worth - Suppose I place two boxes on a table...

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