Answer to Puzzle #23: Envelopes, Stick or Change 23. I have three envelopes, into one of them I put a £20 note. I lay the envelopes out on a table in front of me and allow you to pick one envelope. You hold but do not open this envelope. I then take one of the envelopes from the table, demonstrate to you that it was empty, screw it up and throw it away. The question is would you rather stick with the envelope you have selected or exchange it for the one on the table. Why? What would be the expected value to you of the exchange?
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