SUMMARY

1. You will be randomly assigned the role of a buyer or of a seller. You will keep the same role for the entire experiment.
2. You will privately be shown your values if you are a buyer, or your costs if you are a seller.
3. You will be given a certain amount of time (e.g., two minutes) to trade your units of the good in a trading period. There will be several trading periods during the experiment.
4. As a seller, you submit ask prices to sell the good, and as a buyer, you submit bid prices to buy the good.
5. If a bid price is greater than or equal to an ask price, a trade occurs and profits are automatically recorded.
6. You may also Buy at the current ask price if you are a buyer or Sell at the current bid price if you are a seller.
7. You only make profits if you make a trade.