Gas Money, which debuted in season 37, is one of the newer Pricing Games on The Price Is Right so you may not have ever seen it before. Although the probability of winning is basic, it is still an interesting game to watch because the contestant can walk away with the money if they choose to. The probability of winning Gas Money, is virtually the same as for Danger Price, the game I talked about last week. The thing is, when I used this game in class my students were all confused. They seemed to think that for some reason the probability of winning increased when cards were revealed. Like it was some version of the Monty Hall problem, a problem we had yet to discuss. The game is also interesting because the theoretical probability of winning is higher than the experimental, a fact I vaguely allude to in the questions but can be teased out more in class.
Gas Money is one of the newer games from The Price is Right. Watch
a clip of Gas Money and then use what you know about probability to answer
(a) What is the probability of winning Gas Money if the contestant plays blindly (i.e. just guessing)?
(b) From season 37 through season 40 on The Price Is Right, Gas Money was won only 6 times and was lost 42 times. Explain why is this curious? What might be the explanation for this?