A more motivating way of introducing students to probability theory is through real-world problems. Since heuristics play an important role in our probabilistic judgement, knowing how to avoid incorrect probabilistic reasoning, which leads to several biases, could help students to develop more critical thinking skills. In this paper, we present a…

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…