Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your common sense.
Saturday, August 13, 2011
ENVELOPE GAMBLE
I have a distribution over the Reals which you do not know. I choose two numbers from it, and write them inside envelopes. You are given one of the envelopes, and allowed to see the number inside it. Then, you are given the option to switch envelopes once. After you settle on an envelope, you win the amount inside your envelope, and you pay the amount inside the other envelope. Can you win money playing this game, with a strategy independent of my distribution?
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