{{ 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' }}

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<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>

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{{ if player.cq_1 == "1" or player.cq_1_try2 == "1" }}<span style="color: green;">Correct!</span>{{ else }}<span style="color: red;">Incorrect</span>.{{ endif }} If you win the auction, <b>you pay the amount the computer bid</b>. <br> <br>

<h4>
    <u>Tips for How to Bid</u>
</h4>

<p>
    The best bidding strategy in this type of auction is to bid <i>exactly how much the item is worth to you</i>. Here's why:
</p>

<p>
    Let's say you decide the red chair is worth $200 to you. This means you'd be equally happy keeping your money or spending $200 to buy the red chair. Is your best strategy bidding more than $200, less than $200, or exactly $200? The answer is <b>exactly $200</b>.
</p>

<p>
    If you were to bid less than $200 (say $100), then the auction might be won by the computer (if its random bid was $150, say). You would not be able to buy the red chair even though you were truly willing to pay more than $150. You miss out on a good deal. Therefore, bidding less than your true value is not a good strategy.
</p>

<p>
    If you bid more than $200 (say $300), you might win the auction but have to pay a higher price than your value of the red chair. If the computer bids $250, you win the auction but have to pay $250, which is more than the $200 the chair is worth to you. You end up with a bad deal. Therefore, bidding more than your true value is not a good strategy.
</p>

<p>
    Let's say you choose to bid exactly $200. If the computer bids less than $200, you win and pay less than what the chair is worth to you. If the computer bids more than $200, you lose, but that's okay because the price would have been too high anyway. You do not risk paying more for the good than you want to, and you will never pay more than the computer’s bid anyway.
</p>

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{{ block scripts }}
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$(document).ready(function (e) {
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});
</script>
{{ endblock }}