Price Is Right Big Wheel Strategy

[Jonny Melon]

Let's say you get to "Come On Down" on the Price Is Right, you get on stage, you fail to win any money at Plinko, and as a result you are the first contestant (of 3) to spin the big wheel in the showcase showdown.

In your first spin, you get $.65. Should you spin again or stay?

Jon

(For simplicity's sake, assume that your objective is to win and go to the showcase, assume that your opponents have the same objective, and your opponents will operate according to optimal strategy)

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For those of you unfamiliar with the Big Wheel, here are the rules of the Big Wheel:
--The Big Wheel is numbered with every 5 cent increment from $.05 to $1.00
--Your objective is to get the closest to $1.00 without going over. The contestant that wins goes to the showcase and the other 2 are sent home. If at any time a contestant goes over $1.00, they are automatically sent home.
--You have the option of staying pat on your first spin, or spinning again. A maximum of 2 spins are allowed.
--Each of the three contestants spins in order. There is obviously a strong positional advantage to spinning third.
--In the event of a first place tie, the players get a one spin "spinoff", with the highest spin winning and moving on to the showcase.

[TomCollins]

Search button is your friend.