PHASE 1 - SELLER DECISIONS

In this first phase, each seller privately decides on a price and quanitity pair to "post" in the market. A seller may choose to post for sale up to as many units as the seller has available, but all units posted by a given seller will be for sale at the same price.

During this phase, no seller will see what any other seller is doing.

This phase has a time limit, but if all sellers finish posing offers before the time expires, then the market will immediately move into phase 2.