{% extends "global/Page.html" %} {{ block title }} Instructions {{ endblock }} {{ block content }}
This is the final round in your current role. Next round, you will switch roles (Buyers become Sellers, and vice versa).
You will participate in a market as a buyer or seller. Your goal is to maximize your profit.
After all submissions:
How much will you pay as a buyer? How much will you receive as a seller? A single market price will be calculated on the basis of all submitted bids and asks. All trades occur at the same price. The price is calculated in this manner:
Example of a Market Price:
Bids: 100, 90, 80, 70
Asks: 20, 40, 60, 85
The number of trades is 3. The last matched bid: 80 Last matched ask: 60. The market price is the average: (60 + 80) / 2 = 70.
If you are selected among the matched traders, you will trade at the market price.
Buyer profit = Value − Market Price
Seller profit = Market Price − Cost
If you do not trade, your profit is zero.
{% if player.treatment == 'competitive' %}In this market, if every buyer buys a good, every person in the market will receive 10 additional points.
The experiment will be repeated for several {{numRounds}} rounds. You will keep your role for the first {{ halfRound }} rounds. Then, you will switch roles for the next {{halfRound}} rounds. Try to improve your decisions based on previous outcomes. At the end, we will add all your profits and show a ranking of performance in the experiment.