A study of more than 5000 bank robberies between 2005 and 2007 found that the average...

A study of more than 5000 bank robberies between 2005 and 2007 found that the average bank robbery lasted 4 minutes and 16 seconds and yielded about $20,000. The study also found that each additional minute that robbers spent in the bank increased their haul by about $2,000.

Explain how an economically rational bank robber should determine how many minutes to spend in the bank committing the robbery. Be sure to explain the principle that a rational bank robber would apply to this decision, and how that principle would be applied.

Expert Solution

Question-A study of more than 5000 bank robberies between 2005 and 2007 found that the average bank robbery lasted 4 minutes and 16 seconds and yielded about $20,000. The study also found that each additional minute that robbers spent in the bank increased their haul by about $2,000.

Explain how an economically rational bank robber should determine how many minutes to spend in the bank committing the robbery. Be sure to explain the principle that a rational bank robber would apply to this decision, and how that principle would be applied.

Answer- A economically rational bank robber will rob the bank in around 3 minutes as because with each passing minute the chances of getting caught increases.

An economic rational robber will first make an implicit question that is will it be worth it for him to rob a bank at a particular time he would consider an expected haul, and opportunity cost of prison

Rahul Sunny answered 2 years ago

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