{% extends "global/Page.html" %}
{% load otree %}

{% block title %}Instructions (Page 2 of 2){% endblock %}

{% block content %}

<h2>How Buyers Purchase in Each Round</h2>

<p>
In each round, you will compete with <strong>2</strong> other participants, chosen randomly 
from all other participants. You will choose a price (any whole number between 
<strong>50</strong> and <strong>100</strong>). After all prices are submitted, the computer 
will determine your <strong>units sold</strong> as follows.
</p>

<h3>Buyers</h3>

<p>
You sell to computerized buyers. Each buyer purchases <strong>2 units</strong> of the good. 
There are <strong>three types of buyers</strong>. Before setting your price, you will be shown how many 
buyers of each type are present in the round.
</p>

<ol>
    <li>
        <strong>Type-1 buyers:</strong> These buyers purchase 2 units from you, regardless of your competitors’ prices.
    </li>
    <li>
        <strong>Type-2 buyers:</strong> These buyers compare your price with the price of one other firm, 
        then buy 2 units from the lowest-priced firms.
    </li>
    <li>
        <strong>Type-3 buyers:</strong> These buyers compare your price with the prices of two other firms, 
        then buy 2 units from the lowest-priced firms.
    </li>
</ol>

<p>
Suppose you are firm A and you compete with firm B or firm C for type-2 buyers. If there are 12 type-2 buyers that consider buying the good from you, 6 of them compare prices between you and firm B,
and 6 compare prices between you and firm C.
</p>

<p>
If two or more firms tie for the lowest price, type-2 and type-3 buyers split their purchases equally.
For example, if firms A and B set the same (lowest) price, each type-2 buyer in that pair will buy 
one unit from A and one unit from B.
</p>

<hr>

<h2>Payoffs</h2>

<p>
Your point earnings in each round are computed as:
</p>

<p style="text-align:center; font-weight:bold;">
Point earnings = (your price − your cost) &times; units sold.
</p>

<hr>

<h2>Information After Each Round</h2>

<p>At the end of each round, you will see:</p>

<ul>
    <li>Your price, units sold, and point earnings;</li>
    <li>The prices and units sold of the other competitors in your group;</li>
    <li>Your prices and point earnings from the previous five rounds.</li>
</ul>

<hr>

<h2>Starting the Experiment</h2>

<p>
We are now ready to begin the decision-making part of the session. Press the <strong>“Next”</strong> button 
and follow the prompts on your screen. If you have any questions during the session, please raise your hand 
and a monitor will assist you privately.
</p>

<p>
When you are done reading, click “Next” to proceed to a short quiz.
</p>

{% next_button %}

{% endblock %}