The points you can win and have to pay correspond to real money. Each point is worth {{0.10}} Euro

You are competing with {{C.NUM_OTHERS}} other participant{% if C.NUM_OTHERS > 1 %}s{% endif %} for a fictional item. In each auction, the private values of all players are independently drawn from a uniform distribution between {{low}} and {{high}}. Your value in this auction is {{player.private_value}}.

The person who places the highest bid will get the fictional item, thereby obtaining their private value. The winner pays the amount of the second highest bid. If no other bid was submitted, the winner pays nothing, but gets the fictional item nevertheless.

There are two stages in this auction.

In Stage 1 you and the other player{% if C.NUM_OTHERS > 1 %}s{% endif %} have {{C.TIMEOUT_SECONDS}} seconds to place bids, which are submitted with a probability of {{C.BID_SUCCESS_PROBABILITY}}. After submitting a bid you immidiately see whether you are the highest bidder or not, and what the current price is. If two bids are equal, the person who submitted their bid first is the winner.

In Stage 2 you and the other player{% if C.NUM_OTHERS > 1 %}s{% endif %} can place one last bid simultaneously.
If a bid is successfully submitted by at least one participant in Stage 2, the auction returns to the first stage, and both players have the chance to bid again.

The auction ends when no one places a successfull bid in stage 2.

You can find these instructions at the bottom of all following pages for reference.