Spin or Stay? Spin the Price Is Right Big Wheel
- Steve Phelps
Spin the Wheel
The wheel has the dollar values $0.05 through $1.00 in increments of $0.05. The goal is to spin the wheel, getting closest to $1.00 without going over. You can spin two times if you like. The question is this: When should you spin again or when should you stay with the first spin? In the applet, you select your decision point, which is set to $0.50 by default. This means that if you spin $0.50 or less, you will spin again (or if your first spin is more than $0.50, you will stay with the spin and not spin again). The dot plot displays the total of your spin or spins for 100 random trials. Every time you click and drag the LABEL of the slider will re-randomize the simulation without changing the decision point. If you drag the slider change the decision point, you will also re-randomize the simulation. You are given the number of time you LOSE and the number of times you IMPROVED YOUR POSITION by spinning a second time.