Economics poll for all

[normalice]

Here is the hypothetical situation:

You work in a large city, but too far from where you work to walk, and there is no parking so you must find your own way each day, other than driving yourself. Your options are the subway or a taxi.

The taxi costs $23 per day (one-way, so another $23 coming back).

The subway costs only $1 per trip, however there is also a considerable amount of crime on public transportation. Statistically speaking, you will be robbed twice per year. If you carry around a $50 in your pocket at all times, specifically for the robbing, when it takes place, your chances of walking away unscathed are exactly the same as the chances of not getting an injury in a traffic accident (while in a taxi).

Assume the bandits are plural and armed, so heroics on your part are not an option.

Also assume 250 working days per year.

Subway - estimated $600/yr

Taxi - total $11,500/yr

Updates

+1 y

the results seem a bit one-sided, so I'll throw this in there:

this was actually meant as a "parallel question." The parallel to be drawn is to welfare abuse. It would be about 10x more expensive to track down and combat low-income welfare abuse than it would be to just pay it out.


Does this change your answer?

[ladsin]

for this question I basically just think of NYC or ATL and I've been on the subways on both and they are pretty calm during the days (obviously at night more crime happens so I would do my best to avoid riding on it at nights.) also I would never carry cash and I would have a spare set of clothes (kind of dirty so I don't look like I have money) and if I was robbed I'd just give it (I can cancel my debit card at any time)

Some might think I'm playing this down but I've been robbed before and it was scary but not a huge deal

[Anonymous]

Just because statistics say you will be robbed twice a year, doesn't mean that you ever will. My uncle lived about an hour outside of a big city and commuted into work on a train and switched to the subway to go the rest of the way. He was never robbed once in more than 10 years. He saved a fortune compared to driving himself or taking a taxi.

[normalice]

this was a hypothetical question..

[Opinion Owner]

I'd still take the subway even if I was going to be mugged twice a year. Having $11,500 of you paycheck eaten up by commuting costs are too much. Most muggers aren't going to hurt you as long as you are cooperative.

[Anonymous]

Can't use a bike?

I'd take the subway and try to minimise my exposure to risky situations.

[yaddayaddayadda02]

taxi.