"One Bid", which gets its name and format from one of two types of bidding rounds that existed on the 1950s version of the show). A prize is shown and each contestant gives a single bid for the item. In the first One Bid game of each episode, bidding begins with the contestant on the viewer's left-to-right, usually the first contestant who came down to the Contestants' Row. In subsequent One Bid rounds, the order of bidding still moves from the viewer's left-to-right, but it begins with the contestant most recently called down. Contestants are instructed to bid in whole dollars since the retail price of the item is rounded to the nearest dollar, and another contestant's bid cannot be duplicated. The contestant whose bid is closest to the actual retail price of the prize without going over wins that prize and gets to play the subsequent pricing game. If all four contestants overbid, several short buzzer tones sound, the lowest bid is announced and the bids are erased. The host then instructs the contestants to re-bid below the lowest previous bid. If a contestant bids the actual retail price, a bell rings and the contestant wins a cash bonus in addition to the prize. From the introduction of the bonus in 1977 until 1998, the "perfect bid" bonus was $100, it was permanently increased to the current $500 in 1998. On The Price Is Right $1,000,000 Spectacular, the bonus was $1,000. After each pricing game except the final one, another contestant is called to "come on down" to fill the spot of the contestant who played the previous pricing game. The newest contestant bids first in each One Bid round. Contestants who fail to win a One Bid round and do not make it onstage to play a pricing game receive consolation prizes, currently $300, often sponsored by companies revealed by the announcer near the end of the show, before the Showcase. A 1996 study from Stanford University analyzed the bidding behavior of contestants, noting that they rarely attempted to optimize their bidding strategies but that accuracy tended to improve the longer they stayed in Contestants Row. A 2019 study from Harvard University noted that the accuracy of the average bid fell substantially over the course of the show's run—from 8% lower than the actual retail price at the series start in 1972 to over 20% by 2010—before stabilizing