Intro to Public Finance
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Why is a dollar to be received in the future worth less than a dollar to be received now?
Suppose you can take one of two summer jobs. In the first job as a flight attendant, with a salary of $5,000, you estimate the probability you will die is 1 in 40,000. Alternatively, you could drive a truck transporting hazardous materials, which pays $12,000 and for which the probability of death is 1 in 10,000. Suppose that you're indifferent between the two jobs except for the pay and the chance of death. If you choose the job as a flight attendant, what does this say about the value you place on your life?
Describe the quasi-experiment conducted by Deacon and Sonstelie in 1985 that was designed to reveal the value of time.
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