{% load otree_tags staticfiles %}

<div class="instructions well well-lg">

    <h3 class="panel-sub-heading">
        Overview of calculations
    </h3>
    
    <p>
        <b>REVENUES:</b>
    </p>

    <p>
        1. Case - The {{ Constants.p1 }} agrees on the "common wholesale price":
    </p>
    <p style="margin-left: 20px">
        <U>{{ Constants.p1 }}</U>: revenue  =  <I>common wholesale price</I> &times {{ Constants.units }} units  -
        {{ Constants.production_cost }} &times {{ Constants.units }} units
    </p>
    <p style="margin-left: 20px">
       <U>{{ Constants.p2 }}</U>: revenue  =  {{ Constants.market_price }} &times ({{ Constants.units }} &divide; 2) units  -
        <i>common wholesale price</i> &times ({{ Constants.units }} &divide; 2) units
    </p>
    <p style="margin-left: 20px">
       <U>{{ Constants.p3 }}</U>: revenue  =  {{ Constants.market_price }} &times ({{ Constants.units }} &divide; 2) units  -
        <i>common wholesale price</i> &times ({{ Constants.units }} &divide; 2) units
    </p>
    <p style="margin-left: 20px">
        !Note: If "common agreement" holds, the market demand is equally split between the supermarkets!
    </p>

    <p>
        2. Case - The {{ Constants.p1 }} decides to propose different wholesale prices:
    </p>
    <p style="margin-left: 20px">
        2.1 Case - agreement between the {{ Constants.p1 }} and {{ Constants.p2 }}:
    </p>
    <p style="margin-left: 40px">
        <U>{{ Constants.p1 }}</U>: revenue  =  <I>wholesale price</I> &times {{ Constants.units }}  &divide; 2) units  -
        {{ Constants.production_cost }} &times {{ Constants.units }} units
    </p>
    <p style="margin-left: 40px">
    <U>{{ Constants.p2 }}</U>: revenue  =  {{ Constants.market_price }} &times {{ Constants.units }} units  -
        <i>wholesale price</i> &times {{ Constants.units }} units
    </p>
    <p style="margin-left: 40px">
       <U>{{ Constants.p3 }}</U>: revenue  =  {{ Constants.payoff_if_rejected }}
    </p>
    <p>
        2.2 Case - agreement between the {{ Constants.p1 }} and {{ Constants.p3 }}:
    </p>
    <p style="margin-left: 40px">
        <U>{{ Constants.p1 }}</U>: revenue  =  <I>wholesale price</I> &times {{ Constants.units }}  &divide; 2) units  -
        {{ Constants.production_cost }} &times {{ Constants.units }} units
    </p>
    <p style="margin-left: 40px">
       <U>{{ Constants.p2 }}</U>: revenue  =  {{ Constants.payoff_if_rejected }}
    </p>
    <p style="margin-left: 40px">
    <U>{{ Constants.p3 }}</U>: revenue  =  {{ Constants.market_price }} &times {{ Constants.units }} units  -
        <i>wholesale price</i> &times {{ Constants.units }} units
    </p>

    <p>
        3. Case - The {{ Constants.p1 }} decided to propose different wholesale prices, but both supermarkets rejected
        the vintners offer:
    </p>
    <p style="margin-left: 20px">
        <U>{{ Constants.p1 }}</U>: revenue  =  <I>common wholesale price</I> &times {{ Constants.units }} units  -
        {{ Constants.production_cost }} &times {{ Constants.units }} units
    </p>
    <p style="margin-left: 20px">
       <U>{{ Constants.p2 }}</U>: revenue  =  {{ Constants.market_price }} &times ({{ Constants.units }} &divide; 2) units  -
        <i>common wholesale price</i> &times ({{ Constants.units }} &divide; 2) units
    </p>
    <p style="margin-left: 20px">
       <U>{{ Constants.p3 }}</U>: revenue  =  {{ Constants.market_price }} &times ({{ Constants.units }} &divide; 2) units  -
        <i>common wholesale price</i> &times ({{ Constants.units }} &divide; 2) units
    </p>
    <p style="margin-left: 20px">
        !Note: This case is treated as the first case. The vintner is forced to sell at the "common wholesale" and the
        market demand is equally split between the two retailer.
    </p>

    <p><br></p>

    <p>
        <b>REAL PAYOFFS:</b>
    </p>
    <p style="margin-left: 20px">
        payoff  =  revenue &times 0.02  +  #bonus for participating in the experiment
    </p>











</div>