{{ extends "global/Page.html" }}
{{ block title }}Instructions{{ endblock }}

{{ block content }}


<!-- Includes the background style from the UW Teton Lab experiments -->
{{ include_sibling 'uw_teton_bg.html' }}

<!-- Hide next button initially -->
<style>
    .otree-btn-next { 
        display: none; /* Hide next button */
    }
</style>

<!-- Sets timer for next button to appear -->
<script>
    setTimeout(
    function () {
                $('.otree-btn-next').show();
            }, // Shows otree next button at end of timer
    5*1000
);
</script>

<p>
    You have been selected to spend the money {{ if player.participant.earner_round_1 == 1 }}you{{ else }} your partner{{ endif }} earned that is in the joint account. You will spend the money by participating in a special type of auction. This auction works differently from regular auctions you might be familiar with.
</p>

<ol>
    <li>In this auction, you're not competing with other people. Instead, your bid will be compared with a random bid generated by the computer.</li>
    <li>If your bid is greater than or equal to the computer's random bid, you win the auction. If your bid is lower than the computer's bid, you lose the auction.</li>
    <li>If you win, you don't pay your own bid amount. Instead, you pay the computer's (lower) bid amount.</li>
</ol>

<p>
    For example, suppose that you were asked to state your bid to purchase a red chair. Also, suppose we paid you a larger amount of $1,000 to participate in this study. Your payment from participating in this study will be this amount minus anything you spend on the chair.
</p>

<p>
    Let's say you decide to bid $100 to purchase the red chair. Now we'll consider two example prices:
</p> <br>

<h6>
    <b>Scenario 1:</b> The computer randomly draws a bid of $82.
</h6>

<p>
    Since your bid ($100) is <b>higher</b> than the computer's bid ($82), you <b>WIN</b> the auction! You get to purchase the red chair, and you pay $82 (the computer's bid), not your bid of $100. So your final payment are $1,000 - $82 = $918.
</p> <br>

<h6>
    <b>Scenario 2:</b> The computer randomly draws a bid of $110.
</h6>

<p>
    Since your bid ($100) is <b>lower</b> than the computer's bid ($82), you <b>LOSE</b> the auction! You don't get the red chair and don't pay anything. So, your final earnings are $1,000.
</p> <br>

{{ formfields }}

{{ next_button }}

{{ endblock }}

{{ block scripts }}
<script>
// This script is included to ensure that if tags are included in form fields they are observed
$(document).ready(function (e) {
    labels = document.getElementsByTagName("label");

    for (var i = 0; i < labels.length; i++) {
        labels[i].innerHTML = labels[i].innerHTML.replaceAll("&lt;", "<").
                              replaceAll("&gt;", ">");
    }
});
</script>
{{ endblock }}