Or consider the report of Denes-Raj and Epstein (1994): Subjects offered an opportunity to win $1 each time they randomly drew a red jelly bean from a bowl, often preferred to draw from a bowl with more red beans and a smaller proportion of red beans. E.g., 7 in 100 was preferred to 1 in 10.
How many times do I get to draw, and is it with or without replacement? If I get to draw every bean in the bowl, the number of non-red beans doesn’t matter. ;)
“I proudly include myself in the idiot category… no matter how smart you are, you spend much of your day being an idiot.”—Scott Adams, wise man
Or consider the report of Denes-Raj and Epstein (1994): Subjects offered an opportunity to win $1 each time they randomly drew a red jelly bean from a bowl, often preferred to draw from a bowl with more red beans and a smaller proportion of red beans. E.g., 7 in 100 was preferred to 1 in 10.
How many times do I get to draw, and is it with or without replacement? If I get to draw every bean in the bowl, the number of non-red beans doesn’t matter. ;)
“I proudly include myself in the idiot category… no matter how smart you are, you spend much of your day being an idiot.”—Scott Adams, wise man