Question

1. Why the TV show The Price is Right reveals contestants’ preference for unreal prices? What are the psychological factors in pricing that affect the prices chosen by these contestants?                                          

Answer 1

Drew Carey hosts the TV show The Price is Right and features various games and contests asking some fundamental challenges like to guess the prices of the most popular retail products. The consumers have to pay the high prices of tickets to enter the contest and win the desired products. The prizes are cars or any other luxury item. The contestants go to any limits to enter into the game. The candidates pay the unreal prices for the tickets to test their luck. The show depicts how the individuals can go to any limits to win a luxury and high priced prizes. The show also shows the psychology of the candidates. In many competitions like giveaway contests, the participants follow all the rules and tend to try their luck. The candidates hope that they win the luxury prices and trust in their destiny. The second instance of such shows is the lottery. The participants also try their destiny in lottery cases where the lucky winner wins the prizes or any other gift hampers. It shows the risky factor in the psychology of the participants. The candidates get ready to test their luck and follow all the instructions. The TV show also depicts that the participants have no value of money in front of luxury prices. It shows how individuals show interest in risk-taking and trying their luck.