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Showing posts from October, 2019

Winning a Jackpot: How do you decide?

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Winning a Jackpot: How do you decide?
Situation: Imagine you are participating in a game show and after going through qualifying and elimination rounds, you have reached the finals.  The game-show host presents you three options A, B & C and you have to select one of the options which are the respective doors. One of the doors leads to a jackpot (say a Mercedes) and the other doors to an insignificant prize, say a tennis ball through each door. Now let us say you have selected option A. You are curious and excited to see if you have hit the jackpot. The host asks you to be patient, opens the door C and what you see is a tennis ball. Now he asks you whether you would still stick with option A or switch to option B? What would you choose and why? When this question was put on different platforms like linkedin, what’sapp it was observed that 95% of the respondents voted for A. Now read on: Analysis: Generally people tend to stick to option A, the reason being they would not like to reg…