The St. Petersburg game is a probabilistic thought experiment. It describes a game which seems to have infinite expected value, but which no reasonable person could be expected to pay much to play. Previous empirical work has centered around trying to find the most likely payoff that would result from playing the game n times. In this paper, we…

Although Bayesian methodology has become a powerful approach for describing uncertainty, it has largely been avoided in undergraduate statistics education. Here we demonstrate that one can present Bayes' Rule in the classroom through a hypothetical, yet realistic, legal scenario designed to spur the interests of students in introductory- and…

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…

This article describes an activity that involves the use of simulation for decision-making. It is useful for demonstrating concepts in probability and statistics. (Contains 4 figures and 2 tables.)