Playing with Daddy
Your daddy used to give you a monthly allowance of $
Starting from this month, he decides to triple the money on the condition that the $
will be hidden in one of
boxes and it is your responsibility to choose the right box. He is so generous that he promises that he will give you a hint every month when the game is played. That is, as soon as you choose a box, he will show you an empty box out of the other two not chosen (because he already knows everything about the boxes). Which of the following strategies will give you the maximum expected return?
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There are three boxes, and if we pick a wrong one, then Daddy shows us an empty box. Since, we already know about the two empty boxes(the one which we just picked and the one Daddy showed), the 3rd box ought to contain our $ 3 0 0 .