A Booby prize is a prize of low value or a joke prize. It is sometimes given for a terrible performance or last-place finish. Booby prizes are sometimes humorously and jokingly seen as an object of pride as being noticed for doing something special - losing or coming in last-place. A booby prize is usually awarded and received with pleasant humor and understanding, it is not seen as a sign of disgrace.
- If a contestant playing the Monty Hall problem does not win a car, then the goat that he wins instead is considered a booby prize.
- Traditionally, the cadet graduating a military academy with the lowest academic record was given a silver dollar (booby prize) by each of his classmates.
- A red lantern (booby prize) is given to the cyclist who finishes last in the Tour de France.