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Q2) (Monte Carlo analysis) It’s the morning of Monday, March 26, 2018. Your unlimited MTA fare card just expired yesterday. Normally, you take two…

Q2) (Monte Carlo analysis) It’s the morning of Monday, March 26, 2018. Your unlimited MTA fare card just expired yesterday. Normally, you take two trips per week-day. You usually do not take any MTA trips on the weekend. Your marginal-willingness to pay per ride is $3 for a smooth subway ride and $1 for a delayed subway ride. For any ride, there is a 20% chance that it will be delayed. Assume that your opportunity cost of funds is 0.05% per day. Assume that you will pay for the MTA card when you buy the card and receive your marginal willingness to pay in value when you take the MTA ride.

 

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