Examples of Law of Iterated Expectations
There is an urn which contains 3 marbles (2 black and 1 white). The person
who gets to pick the white marble gets to win $1000 whereas the individual
who picks the black marble walks away with nothing. The marbles that are
taken out are not replaced. Assuming that there are only 2 individuals,
how to show, using LIE that it does not matter whether you are the first
or second to pick the marble? Thanks
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