A hypothetical scenario came up with friends of mine last night that I SHOULD know the answer to, or at least I think I do, but we all weren't sure and came up with different answers. Here is the scenario:
3 people put 3 prizes into an envelope. The order on who picks from the envelope first is drawn at random. The first person picks from the envelope, doesn't tell the other 2 which prize they received and does not return that prize into the envelope. Person 2 picks and then person 3 picks.
The question is: what are the odds that a single person gets the prize they originally put into the envelope? Obviously, the person who picks 1st has a 1/3 chance, but what about the 2nd and 3rd person? Do we have to also consider the odds of me picking first (1/3), so my initial odds of getting the prize I want, before anyone picks would be 1/3 x 1/3 = 1/9? What if I picked 2nd or 3rd?
It seems more complicated then simply 1/3 (3 people, 1 prize that I want...) since if I pick last, I no longer have a 1/3 chance of picking the prize I want as I'm only presented with the last prize remaining in the envelope. Are we over-thinking this problem?