I'd like to try a little experiment as part of the exercise we were starting at the end of class today.
Suppose your total net worth is $1000, meaning that's the most you could possibly spend to prevent extinction of the Sumatran rhino.
Now suppose I told you that there were four different conservation scenarios that have different likelihoods of success.
Please let me know your answers by Friday, and I'll do some illustrative calculations with your responses and share them with you a week from Monday.
Suppose your total net worth is $1000, meaning that's the most you could possibly spend to prevent extinction of the Sumatran rhino.
Now suppose I told you that there were four different conservation scenarios that have different likelihoods of success.
Scenario A: 25% chance of successNow tell me how much of your $1000 in net worth you'd be willing to invest in each of the three scenarios.
Scenario B: 50% chance of success
Scenario C: 75% chance of success
Scenario D: 100% chance of success
Please let me know your answers by Friday, and I'll do some illustrative calculations with your responses and share them with you a week from Monday.
