Parking meter system is called “an honor system”: instead of paying someone when
you park your car, you are “on your honor” to put money in the meter. Of course, it
isn’t just a matter of honor: there are also enforcement officers (“meter maids”) who
show up from time to time and penalize rule-breakers. So: (15%)
(1) If you “risk it” by putting nothing in the meter, there’s an 80% chance that you’ll
get away with it (so your cost will be $0) and a 20% chance that you’ll get a $20
ticket. What is the expected cost of taking this risky option? (5%)
(2) Imagine that the city managers want to reduce the number of people who park
illegally. If you are the manager to decide the option, a 10% rise in the ticket or a
10% increase in the probability of getting ticket, which option is better? (5%)
(3) Imagine that the city managers want to save money by cutting in half the number
of enforcement officers (so that the chance of getting a ticket is only 10%). If you
are the manager to do this without drastically increasing the attractiveness of
cheating, what are the ticket prices you should set? (5%)
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