Monty and Waldo

From rec.puzzles

Monty and Waldo play a game with N closed boxes. Monty hides a dollar in one box; the others are empty. Monty opens the empty boxes one by one. When there are only two boxes left Waldo opens either box; he wins if it contains the dollar. Prior to each of the N-2 box openings Waldo chooses one box and locks it, preventing Monty from opening it next. That box is then unlocked and cannot be so locked twice in a row.

What are the optimal strategies for Monty and Waldo and what is the fair price for Waldo to pay to play the game?