The Price is Right Again

Abstract

The Price Is Right (TPIR) provides a wealth of material for studying statistics at various levels of mathematical sophistication. The authors have used elements of this show to motivate students from undergraduate probability and statistics courses to graduate level executive management courses. The material consistently generates a high degree of student engagement and lively discussion. This paper describes one classroom activity to help reinforce basic probability and statistics concepts and their potential use in decision making. © 2012 by Robert E. Burks and Michael J. Jaye.