How 2 rob a bank

Imagine you and a stranger are paired together for a little game. Now there’s some money up for grabs and you’re both given 2 choices; Share or Snake. If you both share you both win £15 each If one of you shares and one of you snakes, the snake will win £50 leaving the person who chose share with nothing. If you both pick snake, you both leave with nothing. Would you pick ‘snake’ in the hopes of taking a bigger prize for yourself, or would you pick ‘share’ to share a smaller prize!? What would you do? What should you do? And why should we even care? In this episode, which is also the season finale, Bia shares some introductory game theory with Zoey by discussing: The social-media experiment they both conducted through Instagram: "Snake or Share" The Prisoner's dilemma (which is the original problem) The Traveller's dilemma. Acting like a "snake" i.e. picking the "dominant strategy" may give you control leaving you less susceptible to exploitation, but is it always the most profitable strategy? And what about the long-term implications of this? Our Instagram: @how2robabank Our Twitter: @how2robabank Sodosage's Instagram (poet): @sodosage

Known for its controversy, The Monty Hall Problem was popularised through a newspaper column called Ask Marilyn. In this episode, we discuss how probability can help us make a decision in The Monty Hall Problem as well as more generally. We also try to define the “wrong decision” and the circumstances under which we might regret our choices. Does the outcome of your decision imply how good it was in the first place? Later on, we briefly venture into numbers and how our minds don't always perceive things correctly. Finally, we discuss The Two- Envelope Paradox and how the assumptions we make can lead us to the wrong conclusions. Useful links to understanding The Monty Hall Problem: V Sauce's video on the Monty Hall Problem. An article to help explain. The Envelope Problem explained: https://plus.maths.org/content/two-envelopes-problem-resolution https://brilliant.org/wiki/two-envelope-paradox/ This episode was recorded on 16th June 2020.