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@inproceedings{McDonnell2011GainFT, title={Gain from the two-envelope problem via information asymmetry : on the suboptimality of randomized switching}, author={Mark D. McDonnell and Alex J. Grant and Ingmar Land and Badri N. Vellambi and Derek Abbott and Ken Lever}, year={2011} }

- Published 2011

The two-envelope problem (or exchange problem) is one of maximizing the payoff in choosing between two values, given an observation of only one. This paradigm is of interest in a range of fields from engineering to mathematical finance, as it is now known that the payoff can be increased by exploiting a form of information asymmetry. Here, we consider a version of the ‘two-envelope game’ where the envelopes’ contents are governed by a continuous positive random variable. While the optimal… CONTINUE READING

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