Leila is trying to rank her job options for the summer of 2022, before her senior year of college. She reasons that, for her, the worst outcome would be no job at all. Her best outcome would be an exciting internship that pays well without being exhausting and offers her a job once she finishes her degree. In order to make her decision, she needs to assign utilities to the offers she receives. (a) Using a utility scale from 0 to 1, what is the utility of her best option in this decision problem? What is the utility of her worst option? (b) Leila has gotten an offer for a poorly paid but interesting internship. They have said that they aren’t likely to have job openings soon but will write recommendations for promising interns. What method can Leila use to determine her utility for this internship? Briefly explain any formulas you use. (c) Leila gets a second offer for a well-paying summer job that isn’t really related to her future career. If Leila prefers the internship in part (b) to this job, how should the utilities of these two outcomes compare? (1
Leila is trying to rank her job options for the summer of 2022, before her senior year of
college. She reasons that, for her, the worst outcome would be no job at all. Her best
outcome would be an exciting internship that pays well without being exhausting and
offers her a job once she finishes her degree.
In order to make her decision, she needs to assign utilities to the offers she receives.
(a) Using a utility scale from 0 to 1, what is the utility of her best option in this
decision problem? What is the utility of her worst option?
(b) Leila has gotten an offer for a poorly paid but interesting internship. They have
said that they aren’t likely to have job openings soon but will write
recommendations for promising interns. What method can Leila use to determine
her utility for this internship? Briefly explain any formulas you use.
(c) Leila gets a second offer for a well-paying summer job that isn’t really related to
her future career. If Leila prefers the internship in part (b) to this job, how should
the utilities of these two outcomes compare? (1 sentence)
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