Solving the Price Is Right

The Price is Right is television's longest-running game show. Since its inception in 1956, contestants have won cars, tropical vacations, diamond jewelry, even a live horse, and the hosts' excited catchphrase "come on down!" has become part of our everyday vernacular. Part of the program's enduring appeal is the apparent ease of the game, guessing the cash value of certain prizes. But, if that's the case, then why do so many contestants come away from the show empty-handed?

Solving The Price is Right is an in-depth exploration of the underlying probability theory of the popular television program that explores how biases and behavioral pitfalls limit our ability to successfully apply logic and math both on and off the show. With rigorous data and analysis compiled from Seasons 47 and 48 (356 total episodes), investor and math practitioner Justin L. Bergner draws strategic and mathematical insights from all facets of the show, from Contestant's Row bidding to the Showcase…