{% 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.
Number of Jobs | 0 | 1 | 2 | 3 | 4 | 5 |
---|---|---|---|---|---|---|
Cost | 0 point | 2 points | 5 points | 10 points | 18 points | 30 points |