Bayesian analysis of Price is Right showcase

InterviewQs

Bayesian analysis of Price is Right showcase

Python Statistics Bayes' Theorem Modeling Data Visualization Baysian Inference

Forward this email to a friend or colleague and challenge them to solve it.

Hi, 

Suppose you're a contestant on a popular game show called the Price is Right. You've made it to 'The Showcase' round where you're tasked with guessing the price of a group of prizes (typically trips, cars, furniture, etc.). The rules for the round (simplified a bit for this question) are as follows:

  • There are 2 contestants competing in a showcase round
  • Both contestants are shown unique groups of prizes (2 groups of prizes shown in total)
  • After seeing the prizes, each contestant is asked to bid on what they think the value is of their unique set of prizes
  • Whichever bid is closer, without going over, wins. If a contestant bids over, then their bid is disqualified from winning

This game provides an interesting example of balancing uncertainty with risk (since if we bid even 1 dollar over the true price of the items we are disqualified).

Given this information, you're tasked with using Bayesian inference to build a model and select your final bid in the showcase. Below are some details for your specific showcase round (the exact #s are not important, but will be helpful for plugs/structuring your own bets):

  • You can assume that you have data on the 'true prices' of past Price is Right Showcase prizes, and they are normally distributed with a mean of 23,000 and a standard deviation of 4,500
  • The two prizes in your prize package for today are:
    1. Trip to Hawaii
    2. Set of living room furniture

Our model will be written using Python for premium users. Note that this is an example of a 'case study' type question that is pretty open-ended, so focus on structuring your process/logic more so than your actual numerical answer. At a high level we'll step through comparing our estimate for this specific prize package to the historical mean/standard deviation (using Baysian inference), and we'll then set up functions to quantify and account for risk before arriving at our final bid.



 

You’ve accumulated 286 questions since joining our email list. Create a premium account to access detailed solutions to each problem (including this one) + our new Case studies.


Was this email forwarded to you? You can join our list here to receive questions

How did you like today's question?

15411 Boischatel, Montreal, QC, H9H1Y7, Canada
Don't want to get these emails anymore? We'll forgive you if you unsubscribe

Key phrases

Older messages

Profit margins for all combinations of sales channels by org

Wednesday, April 27, 2022

SQL, Database Querying, Subquery, Cross Join, InterviewQs Profit margins for all combinations of sales channels by org SQL Database Querying Subquery Cross Join Forward this email to a friend or

Damage due to natural disasters

Monday, April 25, 2022

Python, Data Structures, External Dataset, Data Visualization, Data Processing, InterviewQs Damage due to natural disasters Python Data Structures External Dataset Data Visualization Data Processing

Maximizing value of your knapsack

Friday, April 22, 2022

Python, Arrays, Data Structures, Algorithms, InterviewQs Maximizing value of your knapsack Python Arrays Data Structures Algorithms Forward this email to a friend or colleague and challenge them to

Normalizing cholesterol data

Wednesday, April 20, 2022

Python, Normalizing Data, ML Concept, Data Processing, InterviewQs Normalizing cholesterol data Python Normalizing Data ML Concept Data Processing Forward this email to a friend or colleague and

Allocating votes from pooled elections

Monday, April 18, 2022

SQL, Database Querying, Subquery, InterviewQs Allocating votes from pooled elections SQL Database Querying Subquery Forward this email to a friend or colleague and challenge them to solve it. Hi,

You Might Also Like

SBF gets 25 years 

Thursday, March 28, 2024

Sam Bankman-Fried is sentenced View this email online in your browser By Christine Hall Thursday, March 28, 2024 Welcome back to TechCrunch PM! The editorial team spent a chunk of the day discussing

💎 Issue 410 - Being laid off in 2023-2024 as an early-career developer

Thursday, March 28, 2024

This week's Awesome Ruby Newsletter Read this email on the Web The Awesome Ruby Newsletter Issue » 410 Release Date Mar 28, 2024 Your weekly report of the most popular Ruby news, articles and

💻 Issue 403 - Microsoft defends .NET 9 features competing with open source ecosystem

Thursday, March 28, 2024

This week's Awesome .NET Weekly Read this email on the Web The Awesome .NET Weekly Issue » 403 Release Date Mar 28, 2024 Your weekly report of the most popular .NET news, articles and projects

💻 Issue 410 - Node.js TSC Confirms: No Intention to Remove npm from Distribution

Thursday, March 28, 2024

This week's Awesome Node.js Weekly Read this email on the Web The Awesome Node.js Weekly Issue » 410 Release Date Mar 28, 2024 Your weekly report of the most popular Node.js news, articles and

💻 Issue 410 - JSDoc as an alternative TypeScript syntax

Thursday, March 28, 2024

This week's Awesome JavaScript Weekly Read this email on the Web The Awesome JavaScript Weekly Issue » 410 Release Date Mar 28, 2024 Your weekly report of the most popular JavaScript news, articles

📱 Issue 404 - Dependency Injection for Modern Swift Applications Part II

Thursday, March 28, 2024

This week's Awesome iOS Weekly Read this email on the Web The Awesome iOS Weekly Issue » 404 Release Date Mar 28, 2024 Your weekly report of the most popular iOS news, articles and projects Popular

💻 Issue 328 - My new open-source repository to schedule all your content!

Thursday, March 28, 2024

This week's Awesome React Weekly Read this email on the Web The Awesome React Weekly Issue » 328 Release Date Mar 28, 2024 Your weekly report of the most popular React news, articles and projects

📱 Issue 407 - Apple just announced WWDC24. The keynote for WWDC24 will be held on Monday, June 10th.

Thursday, March 28, 2024

This week's Awesome Swift Weekly Read this email on the Web The Awesome Swift Weekly Issue » 407 Release Date Mar 28, 2024 Your weekly report of the most popular Swift news, articles and projects

💻 Issue 405 - 2024 Edition Update

Thursday, March 28, 2024

This week's Awesome Rust Weekly Read this email on the Web The Awesome Rust Weekly Issue » 405 Release Date Mar 28, 2024 Your weekly report of the most popular Rust news, articles and projects

🤖 What to Expect From Google I/O 2024 — How to Stop Apps From Leaking Your Data

Thursday, March 28, 2024

Also: The Best Camera Straps of 2024, and More! How-To Geek Logo March 28, 2024 📩 Get expert reviews, the hottest deals, how-to's, breaking news, and more delivered directly to your inbox by