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Applied Economics Letters Volume 11, 2004 - Issue 5
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Original Articles

Free to choose. A different answer to a known puzzle

Francisco Galera Department of Economics, Campus Universitario, 31080 Pamplona, University of Navarra, Spain
,
Gema Carrera-Gómez Department of Economics, University of Cantabria, Avenida Los Castros s/n, 39005 Santander, Spain
&
Pablo Coto-Millán Department of Economics, University of Cantabria, Avenida Los Castros s/n, 39005 Santander, Spain
Pages 311-312 | Published online: 20 Aug 2006
 
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Abstract

Nalebuff (Journal of Economic Perspectives, 1(2), 157–63, Citation1987) proposes a puzzle and a standard solution to the mentioned puzzle based on Bayes theorem. After giving the standard solution to this problem, Professor Nalebuff asked: ‘Since many if not most individuals choose to stay with their original choice, does this suggest we should look for alternatives to Bayes rule?’ In this paper a right answer to that question is proportionated.

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