ENGINEERING ETHICS

Discuss the application of Expectation Value Reasoning (EVR) to the case of extended warranties.

Do you agree with the reasoning that purchasing an extended warranty is not rational? Does that make it wrong? What value would the purchase undermine or not promote?

What's incorrect with the EVR argument if you don't agree it? Are there other values that ought to be considered, for example?

You should be able to apply these concepts in your discussion: risk, information, probability, value, consequences, outcomes, risk aversion, precaution and precautionary principle.