Buying and Selling in the Market

In this experiment you need to be able to buy and sell Units in order to maximise your earnings.

Trading is achieved by either:

You sending a "Bid to Buy Units" or an "Offer to Sell Units" into the market, and this bid/offer being accepted by another participant.

By you accepting a bid/offer that another participant has already put into the market.

To send a "bid to buy" or "offer to sell" to the market you use the "Send Offer or Bid" panel shown below. In today's experiment you can only choose the price. The quantiy is fixed at 250 units per bid or offer.

The current Bids/Offers in the market (ie: sent by all participants) is shown in current bid/offer stack (as shown below.).

Notice that the offers to sell are in descending price order (cheapest offers at the bottom), and that Bids to Buy are in ascending price order (highest bids at the top).

To accept the best bid/offer that is currently in the market, use the "Accept Lowest Offer" or "Accept Highest Bid" buttons. This will find the best valid bid/offer and accept it on your behalf.

Note that each participant may only have 1 bid and 1 offer in the market at a time. If you have a bid/offer in the market and send a new one, it will replaces your previous bid/offer.

Bids and offers in the stacks are colour coded as follows:

BLACK	Bids/Offers that are currently valid are shown in black. You can choose to accept a black bid/offer. If not accepted a Bid/Offer lapses after 10 days, and will then disappear from the stack. All Bids/Offers lapse at the end of the year.
GREEN	This a bid/offer has just been accepted, and you are a party to the trade. This can occur EITHER by you accepting a bid/offer, OR, by some-one else accepting a bid/offer that you previously put in the market. After 1 second it will disappear from the stack. You can inspect what trades you have performed during the experiment using the "Trades" tab.
RED	Means that someone else has just accepted that bid/offer, and hence it is no longer valid. After 1 second it will disappear from the stack.

At the end of the year, all bids/offers lapse and are removed from the market.

When you have read the above, please proceed to the next page.

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Last Modified: 18 October 2007