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Trying to resolve the two-envelope problem

Albers, Casper J.; Kooi, Barteld P. and Schaafsma, Willem (2005). Trying to resolve the two-envelope problem. Synthese, 145(1) pp. 89–109.

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After explaining the well-known two-envelope ‘paradox’ by indicating the fallacy involved, we consider the two-envelope ‘problem’ of evaluating the ‘factual’ information provided to us in the form of the value contained by the envelope chosen first. We try to provide a synthesis of contributions from economy, psychology, logic, probability theory (in the form of Bayesian statistics), mathematical statistics (in the form of a decision-theoretic approach) and game theory. We conclude that the two-envelope problem does not allow a satisfactory solution. An interpretation is made for statistical science at large.

Item Type: Journal Article
ISSN: 0039-7857
Academic Unit/Department: Mathematics, Computing and Technology
Item ID: 3772
Depositing User: Casper Albers
Date Deposited: 30 Jun 2006
Last Modified: 02 Dec 2010 19:50
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