Opinion: The Price is Wrong
Jeopardy and The Price is Right are two of the most successful game shows in television history. However, they operate with two very different concepts. On Jeopardy, the contestants are better informed than the audience – as most people don’t know who the Speaker of the House is, let alone anything about 18th century French literature.
According to research performed by Jonathan Hartley, a data analyst at Harvard University, and a longtime fan of the show, the accuracy of people’s guesses on The Price Is Right sharply decreased from the 1970s to the 2000s, and then stabilized in the 2010s. Hartley found that in the 1970s, the typical guess was about 8 percent below the actual price, but in the 2010s people underestimated the price by more than 20 percent.
The difference in accuracy, according to Dan Kopf, data editor of Quartz, an online business publication, was that “inflation in the US was much higher and much less stable in the 1970s and 80s. When inflation is high and variable, people become more attentive to prices, noticing they are paying more for goods than before.”Think about that. Inflation hasn’t been this high since 1982.
In 1982 Michael Jackson’s Thriller was at the top of the charts, VCRs and Walkmans had just been introduced, and a left-wing psychopath named Trudeau was the Prime Minister of Canada.In fact, inflation is so bad that Family Dollar stores across the U.S. are now charging $1.25 for items, and the 99 Cents Store has become the 99 Cents And Up store. Here’s something you may be hearing soon over the loudspeaker at the 99 Cents Store, “Price check, aisle six.
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