{% extends "global/Page.html" %}
{% load staticfiles otree_tags %}

{% block title %}
    Introduction to the experiment
{% endblock %}

{% block content %}

    <p>
        Hello and welcome to our experiment.
    </p>

    <p><br></p>

    <p>
        In this experiment, you are going to make decisions in a supply chain situation.
        The situation is described as follows:
    </p>
    <p>
        There will be a <b>vintner</b>, who produces wine. There also will be a <b>supermarket</b>, who first buys the
        wine from the vintner and then sells it to customers. The vintner can produce a bottle of wine at production
        cost of {{ Constants.production_cost }}. The supermarket can sell the wine at the market price of
        {{ Constants.market_price }}. The market has a fixed demand of {{ Constants.units }} units.
    </p>
    <p>
        This experiment is about negotiating the <u>wholesale price</u> to which the vintner will sell the wine to the
        supermarket.
    </p>

    <p><br></p>

    <p>
        First, each participant will be assigned to one of three treatment groups (the exact rules will be explained
        after the assignment).
    </p>
    <p>
        Then, each participant will be assigned to a certain role, i.e. the vintner or the supermarket.
    </p>
    <p>
        Depending on the role you have been assigned to, you will have to make a decision:
    </p>
    <p style="margin-left: 20px">
        <b>Vintner</b>: The vintner will propose a wholesale price to which the supermarket can buy the wine at.
        He can choose any value between the production cost and the market price.
    </p>
    <p style="margin-left: 20px">
        <b>Supermarket</b>: The supermarket will first tell which wholesale price he is willing to pay (the vintner will not
        know about it). After the supermarket provided his willingness to pay, he will receive the
        offer from the vintner. He can decide to either accept or reject the offer.
    </p>

    <p><br></p>

    <p>
        Depending on whether you reached an agreement with your counterpart or not, your revenue will be calculated.
    </p>
    <p style="margin-left: 20px">
        If the supermarket <i>accepts</i> the offer and an agreement is reached:
    </p>
    <p style="margin-left: 40px">
        <b>Vintner</b>:     revenue  =  (<I>wholesale price</I> - {{ Constants.production_cost }}) &times
        {{ Constants.units }} units
    </p>
    <p style="margin-left: 40px">
        <b>Supermarket</b>: revenue  =  ({{ Constants.market_price }} -  <I>wholesale price</I>) &times
        {{ Constants.units }} units
    </p>
    <p style="margin-left: 20px">
        If the supermarket <I>rejects</I> the offer and no agreement is reached, both the vintner and the supermarket
        cannot gain any profit from the market and receive a revenue of {{ Constants.noagreement }}.
    </p>

    <p><br></p>

    <p>
        You will play one round only.
    </p>

    <p><br></p>

    <p>
        Depending on the revenue you gained in the experiment your real payoff will calculated as follows:
    </p>
    <p style="margin-left: 20px">
        payoff  =  revenue &times 0.02  +  bonus for participating in the experiment
    </p>

    <p><br></p>

    <p>
       Please answer the questions on the next page. If you answer all questions correctly,
        you will be provided link to enter the game.
    </p>


    {% next_button %}

{% endblock %}