Once more into the breach: another statistics problem from The Burg: Suppose you’ve somehow found yourself in a game of Russian Roulette. Russian roulette is not, perhaps, the most rational of games to be playing in the first place, so let’s suppose you’ve been forced to play. Question 1: At the moment, there are two bullets in the six-shooter pointed at your head. How much would you pay to remove both bullets and play with an empty chamber? Question 2: At the moment, there are four bullets in the six-shooter. How much would you pay to remove one of them and play with a half-full chamber? The hardest part of this kind of problem is figuring exactly how to frame it. Suppose, for example, that objective here is to maximize your lifetime, and that your expected lifetime, should you survive the game, is a function of your remaining wealth W, say f(W). For question 1, then, without the payoff, your expected future lifetime becomes: L = (1/3)*0 + (2/3)*f(W) = (2/3)*f(W), and L = f(W-P) with