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Alice: Let's take turns flipping a coin. The first person who gets heads wins. I'll go first. Bob: But you might win on the very
Alice: Let's take turns flipping a coin. The first person who gets heads wins. I'll go first.
Bob: But you might win on the very first throw. Let's compensate by giving me one extra throw on my first turn.
Alice: Fine. Bob: And let's use my coin, which comes up heads with probability . Alice: Well, then I had better know before I agree. What value of makes the game fair to each player?
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