What makes a good decision? Do you think decisions are good if they were good enough at the time, or does the outcome shape your idea?
Known for its controversy, The Monty Hall Problem was popularised through a newspaper column called Ask Marilyn. In this episode, we discuss how probability can help us make a decision in The Monty Hall Problem as well as more generally. We also try to define the “wrong decision” and the circumstances under which we might regret our choices. Does the outcome of your decision imply how good it was in the first place? Later on, we briefly venture into numbers and how our minds don’t always perceive things correctly. Finally, we discuss The Two- Envelope Paradox and how the assumptions we make can lead us to the wrong conclusions.
Useful links to understanding The Monty Hall Problem: V Sauce’s video on the Monty Hall Problem. An article to help explain.
The Envelope Problem explained:https://plus.maths.org/content/two-envelopes-problem-resolutionhttps://brilliant.org/wiki/two-envelope-paradox/
This episode was recorded on 16th June 2020.