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An Inside Look at the Two Envelopes Paradox
Article first published online: 15 APR 2009
DOI: 10.1111/j.1467-9639.2009.00346.x
© 2009 The Authors. Journal compilation © 2009 Teaching Statistics Trust
Additional Information
How to Cite
Falk, R. and Nickerson, R. S. (2009), An Inside Look at the Two Envelopes Paradox. Teaching Statistics, 31: 39–41. doi: 10.1111/j.1467-9639.2009.00346.x
Publication History
- Issue published online: 15 APR 2009
- Article first published online: 15 APR 2009
- Abstract
- Article
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- Cited By
Keywords:
- Teaching;
- Subjective probabilities;
- Expected value;
- Informed decision
Summary
When two sealed envelopes contain money, one twice as much as the other, a player should be indifferent between them. But when one envelope is opened, one's decision should vary as a function of the observed value and one's subjective probabilities.