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Necktie Paradox
The necktie paradox is a puzzle and paradox with a subjective interpretation of probability theory describing a paradoxical bet advantageous to both involved parties. The two-envelope paradox is a variation of the necktie paradox. Statement of paradox Two persons, each given a necktie, start arguing over who has the cheaper one. The person with the more expensive necktie must give it to the other person. The first person reasons as follows: winning and losing are equally likely. If I lose, then I will lose the value of my necktie. But if I win, then I will win more than the value of my necktie. Therefore, the wager is to my advantage. The second person can consider the wager in exactly the same way; thus, paradoxically, it seems both persons have the advantage in the bet. Resolution using fluid intelligence The paradox can be resolved by giving more careful consideration to what is lost in one scenario ("the value of my necktie") and what is won in the other ("more than the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greater Manchester Metrolink Neckties
Greater may refer to: *Greatness, the state of being great *Greater than, in inequality * ''Greater'' (film), a 2016 American film *Greater (flamingo), the oldest flamingo on record * "Greater" (song), by MercyMe, 2014 *Greater Bank, an Australian bank *Greater Media Greater Media, Inc., known as Greater Media, was an American media company that specialized in radio stations. The markets where they owned radio stations included Boston, Detroit, Philadelphia, Charlotte, and the state of New Jersey. The compa ..., an American media company See also * * {{Disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Necktie
A necktie, or simply a tie, is a piece of cloth worn for decorative purposes around the neck, resting under the shirt collar and knotted at the throat, and often draped down the chest. Variants include the ascot, bow, bolo, zipper tie, cravat, and knit. The modern necktie, ascot, and bow tie are descended from the cravat. Neckties are generally unsized but may be available in a longer size. In some cultures, men and boys wear neckties as part of office attire or formal wear. Women wear them less often. Neckties can also be part of a uniform. Neckties are traditionally worn with the top shirt button fastened, and the tie knot resting between the collar points. History Origins The necktie that spread from Europe traces back to Croatian mercenaries serving in France during the Thirty Years' War (1618–1648). These mercenaries from the Military Frontier, wearing their traditional small, knotted neckerchiefs, aroused the interest of the Parisians. Because of the differe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puzzle
A puzzle is a game, Problem solving, problem, or toy that tests a person's ingenuity or knowledge. In a puzzle, the solver is expected to put pieces together (Disentanglement puzzle, or take them apart) in a logical way, in order to arrive at the correct or fun solution of the puzzle. There are different genres of puzzles, such as crossword puzzles, word-search puzzles, number puzzles, relational puzzles, and logic puzzles. The academic study of puzzles is called enigmatology. Puzzles are often created to be a form of entertainment but they can also arise from serious Mathematical problem, mathematical or logical problems. In such cases, their solution may be a significant contribution to mathematical research. Etymology The ''Oxford English Dictionary'' dates the word ''puzzle'' (as a verb) to the end of the 16th century. Its earliest use documented in the ''OED'' was in a book titled ''The Voyage of Robert Dudley (explorer), Robert Dudley...to the West Indies, 1594–95, narra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paradox
A paradox is a logically self-contradictory statement or a statement that runs contrary to one's expectation. It is a statement that, despite apparently valid reasoning from true premises, leads to a seemingly self-contradictory or a logically unacceptable conclusion. A paradox usually involves contradictory-yet-interrelated elements that exist simultaneously and persist over time. They result in "persistent contradiction between interdependent elements" leading to a lasting "unity of opposites". In logic, many paradoxes exist that are known to be invalid arguments, yet are nevertheless valuable in promoting critical thinking, while other paradoxes have revealed errors in definitions that were assumed to be rigorous, and have caused axioms of mathematics and logic to be re-examined. One example is Russell's paradox, which questions whether a "list of all lists that do not contain themselves" would include itself, and showed that attempts to found set theory on the identification ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bayesian Probability
Bayesian probability is an Probability interpretations, interpretation of the concept of probability, in which, instead of frequentist probability, frequency or propensity probability, propensity of some phenomenon, probability is interpreted as reasonable expectation representing a state of knowledge or as quantification of a personal belief. The Bayesian interpretation of probability can be seen as an extension of propositional logic that enables reasoning with Hypothesis, hypotheses; that is, with propositions whose truth value, truth or falsity is unknown. In the Bayesian view, a probability is assigned to a hypothesis, whereas under frequentist inference, a hypothesis is typically tested without being assigned a probability. Bayesian probability belongs to the category of evidential probabilities; to evaluate the probability of a hypothesis, the Bayesian probabilist specifies a prior probability. This, in turn, is then updated to a posterior probability in the light of new, re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability
Probability is the branch of mathematics concerning numerical descriptions of how likely an Event (probability theory), event is to occur, or how likely it is that a proposition is true. The probability of an event is a number between 0 and 1, where, roughly speaking, 0 indicates impossibility of the event and 1 indicates certainty."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th Ed, (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', (Vol 1), 3rd Ed, (1968), Wiley, . The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Two-envelope Paradox
The two envelopes problem, also known as the exchange paradox, is a paradox in probability theory. It is of special interest in decision theory, and for the Bayesian probability, Bayesian interpretation of probability, probability theory. It is a variant of an older problem known as the necktie paradox. The problem is typically introduced by formulating a Hypothesis, hypothetical challenge like the following example: Since the situation is symmetric, it seems obvious that there is no point in switching envelopes. On the other hand, a simple calculation using expected values suggests the opposite conclusion, that it is always beneficial to swap envelopes, since the person stands to gain twice as much money if they switch, while the only risk is halving what they currently have. Introduction Problem Basic setup: A person is given two indistinguishable envelopes, each of which contains a sum of money. One envelope contains twice as much as the other. The person may pick one envelo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Recreational Mathematics
The ''Journal of Recreational Mathematics'' was an American journal dedicated to recreational mathematics, started in 1968. It had generally been published quarterly by the Baywood Publishing Company, until it ceased publication with the last issue (volume 38, number 2) published in 2014. The initial publisher (of volumes 1–5) was Greenwood Periodicals. Harry L. Nelson was primary editor for five years (volumes 9 through 13, excepting volume 13, number 4, when the initial editor returned as lead) and Joseph Madachy, the initial lead editor and editor of a predecessor called ''Recreational Mathematics Magazine'' which ran during the years 1961 to 1964, was the editor for many years. Charles Ashbacher and Colin Singleton took over as editors when Madachy retired (volume 30 number 1). The final editors were Ashbacher and Lamarr Widmer. The journal has from its inception also listed associate editors, one of whom was Leo Moser. The journal contains: # Original articles # Book rev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Two Envelopes Problem
The two envelopes problem, also known as the exchange paradox, is a paradox in probability theory. It is of special interest in decision theory, and for the Bayesian interpretation of probability theory. It is a variant of an older problem known as the necktie paradox. The problem is typically introduced by formulating a hypothetical challenge like the following example: Since the situation is symmetric, it seems obvious that there is no point in switching envelopes. On the other hand, a simple calculation using expected values suggests the opposite conclusion, that it is always beneficial to swap envelopes, since the person stands to gain twice as much money if they switch, while the only risk is halving what they currently have. Introduction Problem Basic setup: A person is given two indistinguishable envelopes, each of which contains a sum of money. One envelope contains twice as much as the other. The person may pick one envelope and keep whatever amount it contains. They ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bertrand Paradox (probability)
The Bertrand paradox is a problem within the classical interpretation of probability theory. Joseph Bertrand introduced it in his work ''Calcul des probabilités'' (1889), as an example to show that the principle of indifference may not produce definite, well-defined results for probabilities if it is applied uncritically when the domain of possibilities is infinite. Bertrand's formulation of the problem The Bertrand paradox is generally presented as follows: Consider an equilateral triangle inscribed in a circle. Suppose a chord of the circle is chosen at random. What is the probability that the chord is longer than a side of the triangle? Bertrand gave three arguments (each using the principle of indifference), all apparently valid, yet yielding different results: # The "random endpoints" method: Choose two random points on the circumference of the circle and draw the chord joining them. To calculate the probability in question imagine the triangle rotated so its vertex coi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Theory
Decision theory (or the theory of choice; not to be confused with choice theory) is a branch of applied probability theory concerned with the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome. There are three branches of decision theory: # Normative decision theory: Concerned with the identification of optimal decisions, where optimality is often determined by considering an ideal decision-maker who is able to calculate with perfect accuracy and is in some sense fully rational. # Prescriptive decision theory: Concerned with describing observed behaviors through the use of conceptual models, under the assumption that those making the decisions are behaving under some consistent rules. # Descriptive decision theory: Analyzes how individuals actually make the decisions that they do. Decision theory is closely related to the field of game theory and is an interdisciplinary topic, studied by econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monty Hall Problem
The Monty Hall problem is a brain teaser, in the form of a probability puzzle, loosely based on the American television game show ''Let's Make a Deal'' and named after its original host, Monty Hall. The problem was originally posed (and solved) in a letter by Steve Selvin to the ''American Statistician'' in 1975. It became famous as a question from reader Craig F. Whitaker's letter quoted in Marilyn vos Savant's "Ask Marilyn" column in ''Parade'' magazine in 1990: Vos Savant's response was that the contestant should switch to the other door. Under the standard assumptions, the switching strategy has a probability of winning the car, while the strategy that remains with the initial choice has only a probability. When the player first makes their choice, there is a chance that the car is behind one of the doors not chosen. This probability does not change after the host reveals a goat behind one of the unchosen doors. When the host provides information about the 2 unchosen do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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