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ERGON MRET Experiment Participant Instructions
- Retailer
Buying and Selling in the Market
In this experiment you need to be able to sell Units in order
make a profit.
Trading is achieved by either:
You sending an
"Offer
to Sell Units" into the market, and this offer being accepted by
another participant.
OR
By you accepting a bid to buy that
another participant has already put into the market.
To send an "offer to sell" to the market you use the "Send Offer" panel
shown below.
Note that in today's experiment all offers are in parcels. The
parcel size will vary during the experiment. You can chose the
price, but not the quantity.
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 lowest priced offer, or the highest bid use the "accept"
buttons. They will automatically try to accept the lowest priced
valid offer or the highest priced valid bid. (Note: If more than
one participant has attempted to "accept" at the same time, only one
will get the trade. Watch to see if a bid or offer turns Green
(which means you were successful) or Red (which means someone else
accepted it.)
NOTE: With the offer stack
shown above, if you clicked "Accept Lowest Offer" - the offer accepted
would be the offer at $33 from G2.
Bids
and offers in the stacks are colour coded as follows:
BLACK
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Bids/Offers that are currently
valid are shown in black.
You can
choose to accept a black bid/offer.
A Bid/Offer lapses after 10
days, and will then disappear from the
stack.
All Bids/Offers lapse at the end of the year.
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GREEN
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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 1/2 a second it will disappear from the stack.
You can inspect what trades you have performed during the experiment
using the "Trades" tab.
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| ORANGE
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Means the bid/offer is not
currently valid. In today's experiment invalid bids/offers
are deleted.
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RED
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Means that someone else has just
accepted that bid/offer, and
hence it is no longer valid.
After 1/2 seconds it will disappear
from the stack. |
At the end of the year, all bids/offers lapse and are removed from the
market.
NOTE: In today's experiment each
participant is allowed to have ONLY 1 offer in the market at
a time. If you send a new offer it will replace any offer that
you currently have in the bid/offer stacks.
When you have read the above, please
proceed to the next page.
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Last Modified: 18 October 2007
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