Let's play a game - part 2
Posted: Mon Nov 12, 2012 4:45 pm
After the roaring success of the previous installment I present you with this new completely unrealistic game.
I hold two envelopes. Each contains a sum of money between $1 and $100 dollars. Neither of us has any knowledge about the envelopes other than this fact.
If you choose to play the game, you get to pick one envelope and look inside it as to see how much money it has. Then you can choose to keep your current envelope or switch and keep the other one. Once the choice is made you're stuck with the envelope you picked.
If you had to pay a fee to play the game, how much would you be willing to pay. (no $0 or minus infinity shenanigans, you know what I mean).
Does the peek at the cash in the first envelope offer you any valuable info? Can this be used to increase your chances of getting the envelope with more money ?
How about if instead of us having no information about the money in the envelope we knew for sure that the amounts in both were randomly chosen (from a uniform distribution, i.e. every value between $1 and $100 has a 1% chance of being in either envelope). Does this change anything?
P.S. as before, if you know exactly what this is don't post the wikipedia page just yet.
I hold two envelopes. Each contains a sum of money between $1 and $100 dollars. Neither of us has any knowledge about the envelopes other than this fact.
If you choose to play the game, you get to pick one envelope and look inside it as to see how much money it has. Then you can choose to keep your current envelope or switch and keep the other one. Once the choice is made you're stuck with the envelope you picked.
If you had to pay a fee to play the game, how much would you be willing to pay. (no $0 or minus infinity shenanigans, you know what I mean).
Does the peek at the cash in the first envelope offer you any valuable info? Can this be used to increase your chances of getting the envelope with more money ?
How about if instead of us having no information about the money in the envelope we knew for sure that the amounts in both were randomly chosen (from a uniform distribution, i.e. every value between $1 and $100 has a 1% chance of being in either envelope). Does this change anything?
P.S. as before, if you know exactly what this is don't post the wikipedia page just yet.