Pi = Probability that I will retain the idealism that I obtained in college and eventually fulfill the objectives I sought out in my Law school personal statement = .4
Pc = Probability that I will give into monetary pressure and get a firm job in TX = .55
Pu = Probability that I will be unemployed or quit = .05
*these values are reflective of the estimates that I had before I came to Columbia.

Expected Utility from $x in Law Firm = x
Expected Utility from $x in Public interest firm = 20,000 + 1.5x

In Columbia

Expected Monetary Compensation per year (Simplified model with many flaws, but it captures the essence of my decision making process):
Pi*(40,000 (After Tax) – 1500 (Thanks to LRAP)) + Pc * (110,000(After Tax) -20,000(Loan payment) ) + Pu*0 = 15400 + 49500 + 0 = $64900

Out of all the law schools I got into, Columbia gave me the highest expected value because of its superior signaling effect and the generous LRAP system. All I ask from Columbia is to 1) keep its LRAP program 2) Keep Pu low (probably hard to do in this economy) and 3) give me professors that will increase my Pi by increasing my expected utility of $1 in public interest organizations, while making me feel like I am paying $50K not just for the signaling effect. I already met one professor last semester who met the criteria #3. I hope to meet many more.

-- KayKim - 14 Jan 2010