tag:blogger.com,1999:blog-4787923283560259129.post6727225666492701845..comments2024-03-18T14:57:52.489-04:00Comments on The Skeptical Statistician: Means, Medians, & Modes: Come on Down! (Games of The Price is Right)Unknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4787923283560259129.post-78368066753604186242012-12-27T22:26:14.263-05:002012-12-27T22:26:14.263-05:00I'd never heard that about the idea of editing...I'd never heard that about the idea of editing out overbids, but while I can't really verify it there's a lot of sense in it. It might be tricky, though, as when it does happen Drew always makes it very clear that contestants need to make sure they bid under a certain amount (the lowest bid from the first set of overbids). Anecdotally I can say that I never really noticed a situation where all four people were bidding really low, though it's something I could take a look at. <br /><br />The more I think about it, the more it might be one of those things that sounds reasonable on paper but might be more work in implementation than it's actually worth. If the show is running long because of overbids they can easily replace some of the later games with their super quick games (flip-flop, switcharoo, etc) to make things wash out. <br /><br />The advantages of the fourth bidder are far reaching, really. Depending on how well the first three contestants bid they can have some pretty powerful bid placements. Bidding one dollar over the highest bid is just one of those, and (also anecdotally) seems to be one of the best options they have, given that people are always trying to stay below the actual price. If you are the forth contestant and think that no one has gone over then you have very nice odds by just going one higher than the highest bid. PChttps://www.blogger.com/profile/08117994254588618600noreply@blogger.comtag:blogger.com,1999:blog-4787923283560259129.post-40035749630726979472012-12-21T16:09:12.558-05:002012-12-21T16:09:12.558-05:00This is really interesting! A couple of comments:...This is really interesting! A couple of comments:<br />First, the show is frequently editing out overbids by all four contestants due to time constraints, so the fact that you only observed one instance is not necessarily representative of what is going on.<br />Second, the advantage to the fourth contestant also stems from the opportunity to one-up the highest bid (add one dollar to it).Anonymousnoreply@blogger.com