I spend a lot of time second guessing myself and would hate to look back in a year or two and realize that I had spent more than I needed to. Where should I recommend we travel and why?
The Vacation
Final exams are almost here and once they are done, it will be time to reward myself with a well-deserved vacation. As a state employee, I haven't seen a raise since... well, ever. Thus an important criterion, in fact the most important criterion is to find an exotic region that can be visited inexpensively. There are three states of nature that could impact costs in these five areas of interest, and they correspond to the relative strength of the US Dollar against that region's dominant currency. Rather than squander my time doing any actual publishable research, instead I have determined the average cost per day to visit each region under each of the possible states of nature. This table, which should not be construed as actual vacation advice, appears below.
Region Strong Dollar Middling Dollar Weak Dollar
Eastern Europe 33 54 57
Southeast Asia 41 56 36
Australia 45 44 58
Galapagos Islands 37 35 26
Scandinavia 38 11 48
Answer: This mindset screams for a minimax regret criterion. The lowest of the location regrets is the $4 associated with the Galapagos Islands. Hola Galapagos!
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