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Suppose we hire you, and you and the rest of the new interns decide to go buy a cup of coffee. Each intern purchases one cup of coffee. One of the interns suggests everyone play a game. Everyone will flip a fair coin, dividing the group of interns into two subgroups: those that got heads and those that got tails. The game is this: whichever group is smaller evenly splits the cost of everyone's cup of coffee (i.e. if there are 5 interns, 3 get H, 2 get T, then the two interns that got tails each buy 2.5 cups of coffee). However, nothing says you need to play this game. You can choose to buy your own cup of coffee and not play the game at all. The question: Should you play this game? (Note: You may assume that there is an odd number of interns, so there are no ties, and that if everyone gets H or everyone gets T, then everyone loses and just buys their own cup of coffee).
18 Answers↳
Assume each coffee costs $1, for simplicity. So this is effectively a choice between two outcomes: paying $1 with probability 100%, or paying $0 with some probability and paying more than $0 with some probability. So you ask yourself: what is your expected cost in the second case? Give that a try and see if you can figure it out. However, I want to remind you that the question is "should you play this game?" The answer to this question isn't just a math question. If you only work out expected values, you've missed the point. For example, a separate question (with the same kind of flavor as the direction I'm trying to lead you) is this: suppose I give you a choice of two outcomes. Either you get $1 with 100% probability or I give you $500,000,000 with probability 1/100,000,000 and 0 otherwise. Which would you pick? Now what if it was the same first choice, but the second choice was $50 with prob 1/10 and 0 otherwise? Now which would you pick? These are the kinds of things you want to think about while answering this kind of question. Let me know if you have anymore questions. And if you want me to post the answer, just let me know. Less
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The probability of winning isn't 50%. It's actually slightly above 50%, but that's not the way to look at it. The total number of coffees that need to be bought is n, where n is the number of interns. Going into this game, every intern is the same so they each have the same expected value, and the sum of the expected values must equal -n. So everyone has an EV of -1 as claimed. Less
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I say yes. To play the game. Only because I'm prepared if I lost. The fact that I can afford to loose, makes me want to try my chance at wining Less
Why Bloomberg? Why are you interested in finance?
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How was the final round interview? What kinds of questions were asked?
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When did you hear back after the final round?
What should be the main qualities of sales person?
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1- A sales person should be knowledgeable regarding what he or she is doing sale of and for whom its doing. 2- He/she should be confident about what he/she is talking. 3- Should be calm and should have enough patience. 4- should know how to talk and convince people Less