Bidding Optimally on ' The Price Is Right '

What is the best strategy in the bidding game on The Rice Is Right? Over the last twenty-four years, the television game show The Price Is RighV1 has begun with the announcer asking four contestants2 to come on down to Contestants' ROW.^ At that point, a prize4 is displayed; and the players are asked one after another to guess its retail price. The bids are positive wholedollar amounts and may not equal a previous bid. The player whose bid is closest to the actual price of the prize, without going over, wins the prize and-more importantly--goes on stage possibly to win additional prizes5 If all of the players overbid, then they are given chances to lower their bids6 A player who bids the exact price wins a $100 bonus.'