Fair outcome from a biased coin
You have a biased coin with unknown P(heads) = p (0 < p < 1). How can you simulate a fair 50/50 outcome using only this coin?
Show hints (2)+
- Flip in pairs.
- Which two paired outcomes are equally likely?
Answer
This is an open-ended question — work through it and compare your reasoning.
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Asked at: Jane Street, SIG, DRW