Lesson of the Monty Hall Problem

On the television game show Let’s Make a Deal, Monty Hall, the show’s best known host, used to present contestants with the following situation: the contestant would be presented with three doors behind one of which was a big prize (say a brand new car). Behind the other two doors was a small prize (say […]

Savvy Advice for Unsavvy Gamblers

Risk is an unavoidable feature of life, so in a sense all of us are all the time gambling. For instance, we are placing a bet when we invest money in a new business venture. Many business ventures don’t succeed. Why then do we do it? Most of the time, it’s because we think we’ve […]