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Dynamic Decision Making: Comparing Jobs

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These are on a scale of 0 - 10, larger number being better
Attractiveness of Job
Ease of Commuting
Children's School
Quality of Life
1) $48,000
2) $52,000
3) $50,000
4) $51,000
Are there dominated alternatives? If so, which ones?

The student faces the following tradeoffs:
If the attractiveness of job goes down from 8 to 7, the salary should increase by $5000 for indifference.
If the ease of commuting goes down from 6 to 4, the salary should increase by $1000 for indifference.
If the quality of life goes down from 7 to 4, the salary should increase by $5000 for indifference.
If the children's school goes down from 6 to 4, the salary should increase by $3000 for indifference.
Review all of the job offers that the graduate students have received, considering all of the trade offs listed above. Which choice is best choice in terms of salary for this student? Which choice is the worst choice in terms of salary? Please provide rationale and reasoning for your answers.

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Solution Preview

Among all the alternatives, the base salaries are relatively similar, ranging from $48,000 to $52,000. In terms of scale of the wants and desires of the graduate student, including relative quality of life and commute, option number 1 seems to dominate the other alternatives. If you add up all the points accumulated for a particular choice (including point for attractiveness, commute, quality of life, and quality of children's schools), option 1 totals 25 points, options 2 and 3 tie with 22 points, and option 4 comes in with the least at 18 points.

In terms of relative salary net of all adjustments made for all of the trade offs listed, the options total a net salary that looks like:

Option 1=$49,000
Option 2=$63,500
Option 3=$58,000
Option ...

Solution Summary

The expert examines dynamic decision making for comparing jobs.

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