A disillusioned car salesman is contemplating robbing a bank. He has become discontented with his $30,000 annual salary. He is single and considers himself a social "rebel" so such an action would bring him psychological gains as well as monetary gains. (Assume psychological gain of $3,000) Consider the information below and use cost-benefit analysis to determine if this person will commit the crime. Monetary Gain = $65,000 Time to Plan - 3 months Purchases = 1 gun @ $300 / 1 ski mask @ $5 Probability of Arrest=0.4. Probability of Conviction = 0.7 Probability of Prison Time = 0.6 Punishment for Armed Robbery = 4 years in prison One more detail... Jim has a very ill mother who he loves dearly. Should he be caught, she would be devastated. Jim is concerned by this and spends one week in mental turmoil debating this issue. If this is relevant to the calculation then include this in your problem solving. Use all pertinent information given to calculate the value of this issue." Based on your cost/benefit analysis, should Jim rob the bank? (I'm not interested in what "you" would do - yes, it's wrong to rob the bank --- that's not the issue -- what would Jim do based on the data you have available as it relates to our in-class discussions?) A disillusioned car salesman is contemplating robbing a bank. He has become discontented with his $30,000 annual salary. He is single and considers himself a social "rebel" so such an action would bring him psychological gains as well as monetary gains. (Assume psychological gain of $3,000) Consider the information below and use cost-benefit analysis to determine if this person will commit the crime. Monetary Gain = $65,000 Time to Plan - 3 months Purchases = 1 gun @ $300 / 1 ski mask @ $5 Probability of Arrest=0.4. Probability of Conviction = 0.7 Probability of Prison Time = 0.6 Punishment for Armed Robbery = 4 years in prison One more detail... Jim has a very ill mother who he loves dearly. Should he be caught, she would be devastated. Jim is concerned by this and spends one week in mental turmoil debating this issue. If this is relevant to the calculation then include this in your problem solving. Use all pertinent information given to calculate the value of this issue." Based on your cost/benefit analysis, should Jim rob the bank? (I'm not interested in what "you" would do - yes, it's wrong to rob the bank --- that's not the issue -- what would Jim do based on the data you have available as it relates to our in-class discussions?)
