I drive to school and am currently looking for a parking spot so I can walk...

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I drive to school and am currently looking for a parking spot soI can walk to Jacob's. If I turn into a parking lot to look for aspot to park in that specific lot, the process of looking for aspot takes 1 minute of time whether I find a spot ornot.Â Â
Parking lot A is closest to Jacobs. If I get a spot here, ittakes me 1 minute to walk into my class at the business school,however there is only a 10% chance I'll find a spot if I look.
Parking lot B is a 4-minute walk; if I pull in to look for aspot, there is a 30% chance I'll find a spot.
Parking lot C is an 8-minute walk; if I pull in to look for aspot, there is a 100% chance I will find a spot.Â Â
Which strategy to find a parking spot is best for me (ie. whichorder should I check the parking lots for spots to park), assumingwe are risk-neutral, and simply want to have the earliestexpected arrival time to Jacobâ€™s as possible?(Another way to say this is we want the smallest expected value oftime spent getting to Hall).
Now, assume I am risk averse (letâ€™s say that in this secondcase, my class starts in 10 minutes, and there is a large decreasein my utility if I am late for class). Is the best strategy thesame as when I am risk-neutral, or has it changed?

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Since thereis a 100 chance to find a spot in Parking lot C below are the possible orders with expected arrival time to Jacobs are A B C Expected arrival time 01 1 See Answer

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