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Mr. Hector B. Poole, resident of the Twilight Zone. Flip a coin and keep flipping it. What are the odds? Half the time it will come up heads, half the time tails. But in one freakish chance in a million, it'll land on its edge. Mr. Hector B. Poole, a bright human coin - on his way to the bank.
The St. Petersburg paradox or St. Petersburg lottery [1] is a paradox involving the game of flipping a coin where the expected payoff of the lottery game is infinite but nevertheless seems to be worth only a very small amount to the participants. The St. Petersburg paradox is a situation where a naïve decision criterion that takes only the ...
The decision options may be either all appealing or all unpleasant, and therefore the decision-maker is unable to choose. Flipism, i.e., flipping a coin can be used to find a solution. However, the decision-maker should not decide based on the coin but instead observe their own feelings about the outcome; whether it was relieving or agonizing.
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To choose one out of three, the previous is either reversed (the odd coin out is the winner) or a regular two-way coin flip between the two remaining players can decide. The three-way flip is 75% likely to work each time it is tried (if all coins are heads or all are tails, each of which occur 1/8 of the time due to the chances being 0.5 by 0.5 ...
Until the advent of computer simulations, Kerrich's study, published in 1946, was widely cited as evidence of the asymptotic nature of probability. It is still regarded as a classic study in empirical mathematics. 2,000 of their fair coin flip results are given by the following table, with 1 representing heads and 0 representing tails.