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Game Theory 101: Optimal Bidding on The Price Is Right

http://http://gametheory101.com/ You are on bidder's row on The Price Is Right. The first guy bid $1000. The second guy bid $1200. The third guy bid $1600. What is your optimal bid? Think about it for a moment and then post your answer. Some people think that using the bidding strategy I describe in this video makes you look like a jerk. I respond by showing that you are only a "jerk" if you win. I think most people would prefer winning $1000 and looking like a "jerk" than being a loser...never mind that being a "jerk" in this case really means "making an intelligent bid." The photo of the first bidder was leftover from the cannibal game from this video: http://www.youtube.com/watch?v=5JqtIrofHOo The photo of the second bidder was from the time I set the Guinness world record for largest gathering of people wearing costume masks. I also hold the record for largest gathering of people wearing cowboy hats, hence the third picture.
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