Maximize the Product of Two Dice
You roll two fair 6-sided dice.
Part 1. What is the expected value of the product of the two dice?
Part 2. Now suppose that after seeing both dice, you may optionally re-roll exactly one of them (you must accept the new value). Under optimal play, what is the expected value of the product?
Hints
- For Part 1, remember that expectation of a product of independent random variables equals the product of their expectations.
- For Part 2, think about when a re-roll improves your expected product. Compare the current value of the smaller die to the expected value of a fresh roll ($3.5$).
- The optimal strategy is to re-roll the smaller die whenever $\min(d_1, d_2) \leq 3$. Enumerate all 36 outcomes, applying $E = M \cdot 3.5$ for re-roll cases and $E = M \cdot m$ for keep cases.
Worked Solution
How to Think About It: Part 1 is a warm-up -- the dice are independent, so the expected product is the product of the expected values. Part 2 is where it gets interesting. You see both dice and can re-roll one. Intuitively, you would only ever re-roll the smaller die (keeping the larger one gives you the best multiplier). The question is: when is the expected value of a fresh roll ($3.5$) better than the value you already have? That happens whenever the smaller die shows $3$ or less. If both dice show $4$ or higher, you are already beating the re-roll expectation on both, so you keep them.
Quick Estimate: Without the re-roll option, the expected product is $3.5 \times 3.5 = 12.25$. With the re-roll, you are boosting the low outcomes. Most rolls (27 out of 36) have a min of $3$ or less, so you are re-rolling often. The max die averages around $4$-$5$ in those cases, and the re-roll averages $3.5$, so a typical re-roll product is around $4.5 \times 3.5 \approx 16$. The keep cases (min $\geq 4$) average around