Master of Science
Chris Tweddle, Ph.D.
Dianna Galante, Ph.D.
Margaret Seaman, M.A.
Every episode of the popular game show The Price Is Right contains two rounds called The Showcase Showdown or The Big Wheel. During these rounds, three contestants spin a large wheel that consists of monetary values from five cents through one dollar in 5 cent increments. The object of this game is to get closest to one dollar without going over in one or a combination of two spins. The two winners of these rounds get to compete for the most valuable prizes at the end of each show. Monte Carlo simulation will be used to find the range of values in which the first spinner has the highest probability to beat the next two spinners as well as what range of values the second spinner would need in order to beat the final spinner. In the event of a tie the contestants have a one-round spin-off, where the highest spin wins. Another goal is to discover which values either the second or third contestants should utilize a second spin in order to break a tie and avoid a spin-off. These results from the Monte Carlo simulation and actual results from the show will be compared. The simulated results will also be compared to those found using probabilistic or game theory methods.
Horn, Gregory, "Monte Carlo Simulation: When Should a Contestant Stop Spinning?" (2014). All Student Theses. 46.