Unexpected Expectations

This work takes readers through mathematical paradoxes associated with seemingly straightforward applications of mathematical expectation and shows how these unexpected contradictions may push one to reconsider the legitimacy of the applications. Requiring only an understanding of basic algebraic operations, the book covers the roles of aversion and risk in rational decision making, envelope problems, Parrondo's paradox, problems associated with imperfect recall, non-zero-sum games, Newcomb's paradox, and the use of Benford's law in computer design and fraud detection.