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 to make your decisions in a trading period. There will be several trading periods during the experiment.
4. Each trading period will consist of two phases: during phase 1 only sellers are active, and during phase 2 only buyers are active.
5. As a seller, you will choose each trading period a single price-quantity pair to "post" for sale in the market.
6. As a buyer, you will be shown all units for sale in a given period, and you will have the opportunity to purchase units at each price.
7. You only make profits if you make a trade.