[ QUOTE ]
This could work.
http://en.wikipedia.org/wiki/Expected_value
[/ QUOTE ]
I am really trying to understand the difference between +EV and optimalEV.
If i Understand correctly in the situation you described:
Someone agrees to let you pick an envelope from him. He has 100. All are labeled with dollar amounts from 1-100. Assuming you pick an envelope, it is +EV. Picking the one labeled 100 is optimal EV. Is this really that [censored] hard?
I did not have enough time to read that entire wiki, but just from the basic definition given at the top. Since you are automatically allowed to choose an envelope would the VALUE of the entire experience be $50.50 and wouldn't it only be +EV if you chose a envelope over that amount?