a market for oranges overview: each round overview: transacting

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Presentation transcript:

a market for oranges overview: each round overview: transacting participants divided into different markets half in each market are buyers; half are sellers overview: transacting can buy or sell one orange at a time buyers submit bids: an offer to buy sellers submit asks: an offer to sell when bid > ask: we have a sale! orange market www.moblab.com 9A Playground for Decisions 9

buyer’s screen buyer’s current situation 9 orange market www.moblab.com 9A Playground for Decisions 9

buyer’s screen group’s previous transaction prices 9 orange market www.moblab.com 9A Playground for Decisions 9

buyer’s screen slide to desired bid press to submit bid 9 orange market www.moblab.com 9A Playground for Decisions 9

buyer’s screen group’s current offers buy button 9 orange market www.moblab.com 9A Playground for Decisions 9

seller’s screen seller’s current situation 9 orange market www.moblab.com 9A Playground for Decisions 9

seller’s screen group’s previous transaction prices 9 orange market www.moblab.com 9A Playground for Decisions 9

seller’s screen slide to desired ask press to submit Ask 9 orange market www.moblab.com 9A Playground for Decisions 9

seller’s screen group’s current offers Sell button 9 orange market www.moblab.com 9A Playground for Decisions 9

summary you buy an orange if you sell an orange if you click Buy at Lowest Ask, or you have the highest Bid and a seller accepts highest bid you sell an orange if you click Sell at the Highest Bid, or you have the lowest Ask and a buyer accepts lowest ask orange market www.moblab.com 9A Playground for Decisions

payoffs buyer: each orange bought seller: each orange sold remember payoff = orange value – price paid seller: each orange sold payoff = price received – orange cost remember total payoff equals sum of all transactions value (or cost) of each orange indicated on your screen a negative number is smaller than zero! orange market www.moblab.com 9A Playground for Decisions

payoffs: an example example = transaction price = $1.08 value to buyer = $1.32; cost to seller = $0.74 buyer value – price = payoff $1.32 $1.08 $0.24 seller cost $0.74 $0.34 orange market www.moblab.com 9A Playground for Decisions

payoffs: an example example = transaction price = $1.08 value to buyer = $1.32; cost to seller = $0.74 buyer value – price = payoff $1.32 $1.08 $0.24 seller cost $0.74 $0.34 orange market www.moblab.com 9A Playground for Decisions

happy playing! payoffs example = transaction price = $1.08 value to buyer = $1.32; cost to seller = $0.74 buyer value – price = payoff $1.32 $1.08 $0.24 seller cost $0.74 $0.34 orange market www.moblab.com 9A Playground for Decisions