When the Sum of Our Expectations Fails Us : the Exchange Paradox By

@inproceedings{Norton1998WhenTS,
  title={When the Sum of Our Expectations Fails Us : the Exchange Paradox By},
  author={John D. Norton},
  year={1998}
}
In the exchange paradox, two players receive envelopes containing different amounts of money. The assignment of the amounts ensures each player has the same probability of receiving each possible amount. Nonetheless, for each specific amount a player may find in his envelope, there is a positive expectation of gain if the player swaps envelopes with the other player, in apparent contradiction with the symmetry of the game. I consider a variant form of the paradox that avoids problems with… CONTINUE READING

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