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 Showdown, and all 77 Pricing Games, using a combination of game theory, probability theory, statistics, and pattern recognition. In each section, Bergner summarizes contestant performance, highlights the biases leading to sub-par outcomes, and shows how outcomes can be improved by executing the right strategies while avoiding cognitive biases.
Throughout, Bergner applies the lessons learned to the fields of business, finance, and our real lives, shedding light on themes of reverse psychology, strategic patience, and the importance of establishing what is sufficient for success in our pursuits. The result is a truly unique and meticulously researched book that uses Solving The Price is Right as a lens to examine our own choices – and how to make better ones.
Justin L. Bergner graduated cum laude from Yale University with a B.A. in Economics and Mathematics with a specific focus on Game Theory and Probability Theory. He has spent the last sixteen years as an Equity Investment Analyst and Portfolio Manager since receiving an MBA from The Wharton School at the University of Pennsylvania. He maintains the popular mathematics blog www.popculturemath.com.
"Solving the Price is Right is an amazing mathematical analysis that can help you win at our games (and come home with A NEW CAR!). For anyone looking to sharpen their minds and deepen their understanding of the iconic television program.” – Roger Dobkowitz, Emmy-winning former producer, The Price is Right
“For folks who are enchanted with television game shows – in particular, The Price is Right – this book presents strategies in a very intelligible style that can be used to improve the odds of winning. Solving The Price is Right also demonstrates the all-too-often-neglected power that understanding probability has in everyday life. Even if you are not planning to be a contestant on this long-running show, Bergner presents logic that can be helpful beyond mathematics.”– Alfred S. Posamentier, Ph.D., Professor Emeritus and former dean at The City College of New York, and the author of The Secret Lives of Numbers and The Joy of Geometry among many others.
“Bergner shows that game theory can be both educational and entertaining at the same time. Solving the Price is Right is a fascinating introduction to some important ideas in mathematics and decision-making.”– George Cooper, Chief Investment Officer at Equitile Investments Ltd., and author of Fixing Economics and The Origin of Financial Crises
NetGalley Review: 4 stars
Last updated on 29 Dec 2022
"What did you most look forward to when you were homesick from school in the nineties? For me, it was the Price is Right. The Price is Right has been a beloved game show for decades despite the fact that most who attend lose. In Solving The Price is Right, Justin L. Bergner uses probability theory and data analysis to explore the strategies and biases that not only influence success on the show but success in our lives. Whether youre a fan of the show or just interested in the science behind decision-making, this book is a must-read"—Mike Costaris, @SimplyTheBestBooks
