Can you ever use the material in this chapter to help you make your own real-life decisions? Consider the following. You are about to take an important and difficult exam in one of your MBA courses,...

Can you ever use the material in this chapter to help you make your own real-life decisions? Consider the following. You are about to take an important and difficult exam in one of your MBA courses, and you see an opportunity to cheat. Obviously, from an ethical point of view, you shouldn’t cheat, but from a purely monetary point of view, could it also be the wrong decision? To model this, consider the long-term monetary consequences of all possible outcomes.