How many searchers to hire for a lost drive
Question
Gabe has lost a USB drive holding in Bitcoin, and the money is gone for good unless the drive turns up within a week. He can hire searchers at each for the week, and each searcher independently has a chance of finding it. How many searchers maximise his expected outcome?
Short answer
. In units of , hiring searchers yields expected value , i.e. we minimise . This is for , for , and at least for .
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Open the worked solutionLessons behind this question
- Sample Spaces, Events, and the Probability Axioms
- Conditional Probability, Total Probability, and Bayes' Rule
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