“Making the Right Move: Strategy Insights from The Price Is Right”
“Making the Right Move: Strategy Insights from The Price Is Right” will explore how strategic and game-theoretic lessons of the iconic game show translate directly into business, finance, and everyday decision-making. In writing Solving The Price is Right (Prometheus Books, 2023), investor and math practitioner Justin L. Berger examined the game theory and probability theory underlying the show and examined the biases and behavioral pitfalls that limit our ability to successfully apply logic and math both on and off the show. His data-driven study of Seasons 47 and 48 (356 episodes) reveals strategic patterns across all facets of the competition, from Contestant’s Row bidding and Showcase Showdowns to the full slate of 77 pricing games.
At INFORMS, Justin will connect these findings to real-world strategic challenges, like showing strategic patience, broadening one’s bid, defining what is sufficient for success, and extending a game to increase one’s chances of success. Cognitive traps will also be examined – fraudulent cues, Trojan Horses, and over-precision. We are our own worst enemy in decision-making, but less so if we understand our analytical shortcomings.
The talk will also bridge discrete game theory problems from the show with game theory in practice. Specifically, how can we avoid tactical errors, capitalize on the mistakes of others, and employ imperfect but good strategies?
You will be surprised at how much we can all learn about getting the price right, whether in business, investing, government, or our everyday lives.
Leadership
