{% extends "global/Page.html" %} {% load otree static %} {% block title %} Job Search -- Foreword {% endblock %} {% block content %}

Great Job!

Let's calculate the expected payoffs from the 5 choices.

The probability of getting the job offer with your current reservation wage, W and sample size, N is: 1-[1-(0.02*(11-W)]^N

Number 1: [Your expected wage rate (5.5) * The rest round (20) * The probability of getting the job offer (0.67)] - Job Search Cost (30) = 43.7

Number 2: [Your expected wage rate (7) * The rest round (19) * The probability of getting the job offer (0.45)] - Job Search Cost (18) = 41.9

Number 3: [Your expected wage rate (8) * The rest round (18) * The probability of getting the job offer (0.39)] - Job Search Cost (10) = 46.2

Number 4: [Your expected wage rate (9) * The rest round (17) * The probability of getting the job offer (0.12)] - Job Search Cost (5) = 13.4

Number 5: [Your expected wage rate (10) * The rest round (16) * The probability of getting the job offer (0.02)] - Job Search Cost (2) = 1.2

Then, Number 3 combo gives you the highest expected payoffs, you would definitely choose Number 3.

You are going to have your job search now.

Enjoy your job search, and you might earn a considerable amount of money.

I will pay you after everybody finishes the experiment.

{% formfields %}



Number of Jobs 0 1 2 3 4 5
Cost 0 point 2 points 5 points 10 points 18 points 30 points
{% endblock %}