Joel is a doctor in a large metropolitan city in the United States. He earns $100,000/year and plans on working three more years and then retiring.
Dr. Joel is a doctor in a large metropolitan city in the United States. He earns $100,000/year and plans on working three more years and then retiring. A remote, rural town in the state in which he resides is in desperate need of a doctor and offers Dr. Joel the job. If Dr. Joel moves, he will still only work for three years (thereby not adjusting his retirement plans). He would incur $15,000 in psychic costs if he moves due to the disutility he experiences from moving to such a remote location. Dr. Joel’s discount rate is 5%. What is the minimum annual salary that the remote town must pay Dr. Joel per year for him to accept its job offer?
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