Description of the Experiment

The experiment session takes approximately 1 hour to complete. 

It comprises 15 experimental periods (or "Experimental Years" - running from 1st January 2000 to 31st December 2014).  For simplicitity each year comprises 12 months, each of 30 days (making a total of 360 days in each experimental year). 

There are 7 participants in a market for "Units". 

Two of the participants are "retailers" or "purchasers" of units.  A retailer seeks to purchase a defined number of units in the market.

Five of the participants are "suppliers" of "generators" Units.  Suppliers are seeking to sell units (to the retailers) at above their supply cost, thus making a profit. 

You are playing the part of a "RETAILER" or "PURCHASER".

As a retailer you are seeking to purchase the targeted number of units at minimum cost.

Each period you will be informed of the targeted MINIMUM number of units you must have by the end of the period.

If you do not have enough units, you will be fined $57 for each unit you are short.

If you have a surplus, that surplus may be used in the following period.

Units survive for the duration of the experiment. However any units left in your account at the end of the experiment disappear for no value.

Thus your goal is to across the entire experiment purchase as close to your target as possible, while minimsing the amount of money paid.

All participants in this experiment CAN BOTH BUY AND SELL UNITS.

The task for all participants is to have as much money as possible at the end of the experiment.

The next few pages of instructions are to introduce the trading screens to you, and to give you instructions on getting logged into the experiment.

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

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Last Modified: 18 October 2007