This is an advanced version of the short answer problem. If you do not feel comfortable with that one, do not worry about doing this one, as your time would be better spent mastering the more basic version. The success of failure of this more advanced version will not affect your grade. I drive to school and am currently looking for a parking spot so I can walk to Jacob's. If I turn into a parking lot to look for a spot to park in that specific lot, the process of looking for a spot takes 1 minute of time whether I find a spot or not.

Parking lot A is closest to Jacobs. If I get a spot here, it takes me 1 minute to walk into my class at the business school, however there is only a 10% chance I'll find a spot if I look.

Parking lot B is a 4-minute walk; if I pull in to look for a spot, there is a 30% chance I'll find a spot.

Parking lot C is an 8-minute walk; if I pull in to look for a spot, there is a 100% chance I will find a spot.

Which strategy to find a parking spot is best for me (ie. which order should I check the parking lots for spots to park), assuming we are risk-neutral, and simply want to have the earliest expected arrival time to Jacobs as possible? (Another way to say this is we want the smallest expected value of time spent getting to Jacobs).

Now, assume I am risk averse (lets say that in this second case, my class starts in 10 minutes, and there is a large decrease in my utility if I am late for class). Is the best strategy the same as when I am risk-neutral, or has it changed?