It turns out that for many of the games on The Price is Right, a simple application of game theory is all you need to greatly increase your chances of winning. You don’t even need to know any of the prices.
In one instance, when Margie was the last contestant to bid, she guessed the retail price of an oven was $1,150. There had already been one bid for $1,200 and another for $1,050. She therefore could only win if the actual price was between $1,150 and $1,200. Since she was the last to bid, she could have guessed $1051, expanding her range by almost $100 (any price from $1051 to $1199 would have made her a winner), with no downside. What she really should have done, however, is bid $1,201. Game theory says that when you are last to bid, you should bid one dollar more than the highest bidder. You obviously won’t win every time, but in the last 1,500 Contestants’ Rows to have aired, had final bidders committed to this strategy, they would have won 54 percent of the time.