We've had quite a debate in our family regarding this one.
Five guys want to share a house with five bedrooms. Room 5 is smaller than the rest and no one wants to pick it. To decide which room they get, they put five pieces of paper in a bag, labelled rooms 1 to 5.
One at a time, each guy puts a hand in the bag and pulls one piece of paper. They reveal which room they got after each pull from the bag. The last guy to pull gets the last sheet of paper.
The debate in our family is around the odds of picking room 5. We all agree, at the beginning of the selection process, that it is 20% (1 in 5). But after the first sheet is pulled and it is not room 5, the remaining odds for picking room 5 rise to 1 in 4. Then if room 5 is not selected again, the odds rise to 1 in 3 then the 4th person has odds of 1 in 2 = 50%.
One member of our family insisted that the strategy should be to pick first (or earliest possible) to keep the odds lowest that room 5 would be picked. We contrasted this with a scenario where each guy pulled their sheet but no one revealed until all sheets were picked. Clearly the odds would be 20% for each person.
Meanwhile, another argument presented in our family is that if you pick first there is a 20% chance of picking room 5 and an 80% chance of picking any of the other rooms. However if you get the last slip of paper there is also an 80% chance that it will have already been picked, thereby giving the last person a 20% chance of getting room 5 as well. So the question to this community is: when the picks are revealed as they occur, is there any benefit or advantage to picking first or last? And, does revealing affect the overall outcome.