Strategy for "Let's Make a Deal" TV show

Every once in a while I'll catch a few minutes of Let's Make a Deal on TV. Basically the host will offer a contestant a prize, then give them an option to exchange the prize for something else (usually a mystery prize), and this may go on for several rounds, and oftentimes other contestants get involved. The contestants have to take a risk, though, because if they exchange their known prize for a mystery prize, it can be a "zonk" and they end up with nothing, or they could end up with something way better.

For example, the other day the host gave a woman a "stock certificate" and said, "This is worth anywhere from 1 to 100 shares at $100 a share. You can keep it, or exchange for what's behind the curtain." So right off the bat this woman is guaranteed at least $100 just for showing up. The woman kept the stock. This went on for a few more rounds, and the host brought up other contestants, and the host continued offering the woman several mystery prizes which she continually rejected in favor of the stock certificate. She passed on mystery prizes that ended up being worth thousands, and when all was said and done her stock certificate was "only" worth $400. But that was a GUARANTEED return for zero risk on her part.

I don't know if I really have a question or point here; I just think it's a dumb show where the obvious strategy to win is simply keep the first known prize you are offered and never exchange it. Sure, that woman lost out on a $10,000 prize package, but she also dodged a zonk, and ended up $400 richer simply for holding on to the first offer. I should also add I've never watched a full episode, I've only caught a few minutes here and there so I don't know if there's more to it than that.

Quote: TigerWu

Every once in a while I'll catch a few minutes of Let's Make a Deal on TV. Basically the host will offer a contestant a prize, then give them an option to exchange the prize for something else (usually a mystery prize), and this may go on for several rounds, and oftentimes other contestants get involved. The contestants have to take a risk, though, because if they exchange their known prize for a mystery prize, it can be a "zonk" and they end up with nothing, or they could end up with something way better.

For example, the other day the host gave a woman a "stock certificate" and said, "This is worth anywhere from 1 to 100 shares at $100 a share. You can keep it, or exchange for what's behind the curtain." So right off the bat this woman is guaranteed at least $100 just for showing up. The woman kept the stock. This went on for a few more rounds, and the host brought up other contestants, and the host continued offering the woman several mystery prizes which she continually rejected in favor of the stock certificate. She passed on mystery prizes that ended up being worth thousands, and when all was said and done her stock certificate was "only" worth $400. But that was a GUARANTEED return for zero risk on her part.

I don't know if I really have a question or point here; I just think it's a dumb show where the obvious strategy to win is simply keep the first known prize you are offered and never exchange it. Sure, that woman lost out on a $10,000 prize package, but she also dodged a zonk, and ended up $400 richer simply for holding on to the first offer. I should also add I've never watched a full episode, I've only caught a few minutes here and there so I don't know if there's more to it than that.

I used to love the Monty Hall version. I'll catch the Wayne Brady version once in a great while. I still find it somewhat entertaining.

I don't think the best strategy is to always hold what you are first given. In the case you described, if there are multiple options that end up being worth more than the original prize, holding would not be the best strategy for maximizing your win, even if there was a Zonk mixed in. Now, if your goal is to guarantee you walk away with something, then yes, the hold strategy is the best.

One thing I have noted, if it is a case where a 2nd contestant stands up and the host says to the original contestant that the 2nd will get whatever you don't choose, the mystery prize will (usually?) never be a Zonk. They don't want contestants Zonked without ever making a single decision.

Quote: Joeman

Trivia Time!

One season of LMaD was filmed right in Las Vegas. For 10 Internet Points: Specifically, where was it filmed? For 20 Internet Points: Within 2 years either way, in what year did this take place? (Double your winnings if you hit the year on the nose!)

Quote: Ibeatyouraces

Show Spoiler

2009 Tropicana LV

You are correct, sir! But, with a bit of embarrassment, I must admit that I completely forgot about that one. I was actually going for a different answer.

The one I was thinking of had Monty Hall as the host. So, full credit for your correct answers (60 Points!), and I will rephrase my original question.

Quote: Joeman

Quote: Ibeatyouraces

Show Spoiler

2009 Tropicana LV

You are correct, sir! But, with a bit of embarrassment, I must admit that I completely forgot about that one. I was actually going for a different answer.

The one I was thinking of had Monty Hall as the host. So, full credit for your correct answers (60 Points!), and I will rephrase my original question.

Not only do I watch too much METV, but also Buzzr and other game shows. Currently watching the old "What's my line."

Quote: Ibeatyouraces

Not only do I watch too much METV, but also Buzzr and other game shows. Currently watching the old "What's my line."

I love Buzzr. Especially with its current Prime Time line-up with $ale of the Century, Card Sharks, and Press Your Luck.

BTW, WTF happened to GSN? I hadn't seen it since I got rid of my cable 10 years ago. Now, Sling has picked it up so I can watch it once again, but all it seems to show is Family Feud. I remember it used to have more classics as well as some compelling originals. I loved Russian Roulette with Mark (Don't Call Me Marky Mark) L. Walberg.

In 1984 or 85 I drove down to LA with some college friends for a taping of Let's Make a Deal. I was dressed as a hippie. However, our car broke down on the 101 and we never made it.

When did Monty Hall stop hosting? I thought he was a great game show host. I still enjoy him on reruns of "Beat the Clock"

Back to Let's make a deal, one objective of the show is to win a prize valuable enough to exchange for a shot at a "Final Curtain". The first right of refusal goes to the contestant who won the most valuable prize. If that person declines, the option is extended to the second most valuable prize winner, and so on until someone opts to give up their prize for a shot at the AMC Gremlin, or Chevy Chevette behind curtain #2...

It appears that there are no further takers for the trivia. So...

Quote: Ayecarumba

Back to Let's make a deal, one objective of the show is to win a prize valuable enough to exchange for a shot at a "Final Curtain". The first right of refusal goes to the contestant who won the most valuable prize.

Ohhh, okay, I didn't know that, having never watched a full episode.

That would make sense, then, to try and win the largest prize from dealing.