quantitative research interview questions shared by candidates
3) Poker. 26 red, 26 black. Take one every time, you can choose to guess whether it’s red. You have only one chance. If you are right, you get 1 dollar. What’s the strategy? And what’s the expected earn?
expected earn is 25 cents. 1/2*1/2*1, prob of choosing to guess is 1/2, prob of guessing right is 1/2, and the pay is $1
I would start picking cards without making a decision to reduce the sample size. This is risky because I could just as easily reduce my chances of selecting red by taking more red cards to start, as I could increase my chances of selecting red by picking more black cards first. But I like my chances with 52 cards, that at some point, I will at least get back to 50% if I start off by picking red. Ultimately, I can keep picking cards until there is only 1 red left. But I obviously wouldn't want to find myself in that situation so I would do my best to avoid it, by making a decision earlier rather than later. Best case scenario, I pick more blacks out of the deck right off the bat. My strategy would be to first pick 3 cards without making a decision. If I start off by selecting more than 1 red, and thus the probability of guessing red correctly is below 50%, then I will look to make a decision once I get back to the 50% mark. (The risk here is that I never get back to 50%) However, if I pick more than 1 black card, then I will continue to pick cards without making a choice until I reach 51% - ultimately hoping that I get down to a much smaller sample size, and variance is reduced, while odds are in my favor that I choose correctly. The expected return, in my opinion, all depends on "when" you decide to guess. If you decide to guess when there is a 50% chance of selecting correctly, then your expected return is 50 cents (50% correct wins you $1 ; 50% incorrect wins $0 --- 0.5 + 0 = .5) If you decide to guess when there is a 51% chance of selecting red correctly, then the expected return adjusts to (0.51* $1) + (0.49 * $0) = 51 cents. So, in other words, your expected return would be a direct function of the percentage probability of selecting correctly. i.e. 50% = 50 cents, 51% = 51 cents, 75% equals 75 cents. Thoughts?
There is symmetry between red and black. Each time you pull a card it is equally likely to be red or black (assuming you haven't looked at the previous cards you pulled). Thus no matter when you guess you odds are 50% and the expected return should be 50 cents.
The first question he gave me was not hard. 1. You call to someone's house and asked if they have two children. The answer happens to be yes. Then you ask if one of their children is a boy. The answer happens to be yes again. What's the probability that the second child is a boy? 2. (Much harder) You call to someone's house and asked if they have two children. The answer happens to be yes. Then you ask if one of their children's name a William. The answer happens to be yes again.(We assume William is a boy's name, and that it's possible that both children are Williams) What's the probability that the second child is a boy?
You have two decks of cards: a 52 card deck (26 black, 26 red) and a 26 card deck (13 black, 13 red). You randomly draw two cards and win if both are the same color. Which deck would you prefer? What if the 26 card deck was randomly drawn from the 52 card deck? Which deck would you prefer then?
Interesting question: From a deck of 52 cards pick 26 at random. From this set of 26 you pick two cards. You win if the both of these cards are of the same color. Is this a game you would prefer over one in which you win by picking two (first two picks) of the same color at random from a deck of 26 with equal number of black and red cards
See Interview Questions for Similar Jobs
- Quantitative Researcher
- Software Engineer
- Quantitative Analyst
- Software Engineer Intern
- Quantitative Trader
- Summer Analyst
- Software Developer
- Software Engineering Intern
- Data Scientist
- Junior Trader
- Quantitative Research Analyst