Sunday, November 10, 2019

MinMax For Y.A.R.


Homecoming weekend at UVA means the Young Alumni Reunion. The Young Alumni Reunion event invites the three most recently graduated classes of UVA to celebrate UVA with friends and family. While this is one of my favorite events of the year because I get to see my old, graduated friends, there is the weighty decision of choosing to let my old, graduated friends to stay with me or not. While most would think it would be a selfish decision to not allow them to stay in my house, they are unaware of the fact that my older friends who have graduated are NOTORIOUS for destroying things to which they have no liability to, those things usually being the house which I live in and everything inside it. I had to use the minmax regret strategy when making this decision of whether or not to let my friends stay with me during this year’s Y.A.R.. The marginal cost of letting my friends stay with me would be me having to deal with their debauchery and the most-indefinitely event of them breaking something (which I would have to deal with in the future). On the other hand, the marginal benefit would include the great time spent reconnecting and reliving the days when they were back in college. I love my friends and would feel regret for not letting them stay with me in the off chance that they don’t break anything in my house. In but the end, I decided that the marginal benefit of letting my friends stay with me would outweigh the marginal cost of them breaking something, so I let them stay with me.




State 1: Spending quality time with my friends at Y.A.R. where they don’t break anything
State 2: They mistreat the home I live in and my belongings.
Action 1: Let them stay with me
0
MC
Action 2: Don’t let them stay with me
MB - MC
0

While I seem to exaggerate the marginal cost of this decision, here is the proof of the marginal cost of the carnage from the older alums after this weekend.




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