Mathematical Conundrum or Not? Number Six I ran across this line while reading one of my books and thought it pertained well to this thread:
The final criterion for deciding whether a model is "good" is whether it yields good and useful information. The motivation for using mathematical models lies primarily in their utility.
Mathematical Statistics with Applications, Wackerly, Mendenhall, Scheaffer.
I will let people interpret that in the context of the thread how they like.
Personally, I think in terms of modeling the actual OP the inclusion of distributions or switching strategies is misguided. If our goal is to assess the situation before us then they move outside that scope. However, these models do provide a useful platform to investigate properties that may be applied to other probabilistic aspects. I know undoubtedly some will take that to mean something I don't mean, but there is not much I can do about that.