Instructions

You have been randomly and anonymously grouped with 2 other players (for a group size of 3). You will play with these same players during the first 3 rounds. During the second half of rounds (rounds 4, 5, 6), you will be randomly and anonymously grouped with other players at the beginning of each round. All players see these same instructions.

Your task will be to bid for an item that is being auctioned. Prior to bidding, each player will be given their personal value of the item. The value may be different between players. The personal value of the item to your is only know to you.

Based on the players' individual values of the item, each player will submit a single bid within a given range. All bids are private and submitted at the same time.

The highest bidder will receive their value of the item as payoff minus the price paid for the item. The price of the item will NOT be the bid of the highest bidder; the price will be the bid of the second highest bid. If the winner's price paid is higher than the actual value of the item, the payoff will be zero. In the event of a tie between two or more players, the winner will be chosen at random. Other players will receive nothing.