The individual makes decisions about how much to work, how much to save, how to invest his savings (in safe versus risky prospects, etc.).
On one side was the adrenaline rush of stealing cars and on the other was the less risky, but frankly tedious, prospect of respectability.
Their choice will depend on both their objective circumstances and the strength of their subjective aversion to risky prospects.
And there's more to Belichick than the supposed automaton portrayed by some - he knows how to pick out risky prospects and make them work in his schemes.
Violence against European shipping, cannibalism and the lack of established law and order made settling in New Zealand a risky prospect.
Each trajectory in the figure represents the preference state for one of the risky prospects at each moment in time.
When they do get temporary work, a risky prospect since they have no identification papers, the pay is $1.60 to $2 a day.
Prosecuting their own consumers is a risky prospect for entertainment companies.
If it were high enough, he said, it might require charging a toll on the road - a politically risky prospect.
Unfortunately, the only sure way to reach that goal is for American troops to invade Iraq and capture Baghdad, a risky prospect few Americans would support.