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Unformatted text preview: is cancelled, and we go to step 1. For example, if no one wants to pay $100, a new o f er can be made. However, a new o f er to sell should be below $100. If previously no one wanted to sell for $5, a new o f er to buy should be above $5. (It is a waste of time not to keep things moving towards a transaction.) When a transaction occurs, please mark the price on your card. At most one transaction per person during the whole game. Buyers payo f is: value transactions price Sellers payo f is: transactions price cost. hint: Dont pay more than your value, and dont sell for less than your cost....
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This note was uploaded on 07/17/2008 for the course ECON 501.02 taught by Professor Yang during the Spring '08 term at Ohio State.
- Spring '08