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Why You Should Always Switch

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One of the most famous television game shows from the heyday of the genre from the 1950s to the 1980s was Let’s Make a Deal. Its host, Monty Hall, achieved a second kind of fame when a dilemma in probability theory, loosely based on the show, was named after him. A contestant is faced with three doors. Behind one of them is a sleek new car. Behind the other two are goats. The contestant picks a door, say Door 1. To build suspense, Monty opens one of the other two doors, say Door 3, revealing a goat. To build the suspense still further, he gives the contestant an opportunity either to stick with their original choice or to switch to the unopened door. You are the contestant. What should you do?

More here – Behavioural Scientist

PS: Still does my head in.

Category: Trading PsychologyBy Chris TateOctober 8, 2021

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