{% load otree %}

<div class="card bg-light instructions">
    <div class="card-body">
        <h3>
            Instructions
        </h3>
        <link rel="stylesheet" type="text/css"
              href="{% static 'global/matrix.css' %}"/>
        <p>
            In this game, you will be matched with another student in the room. One student will be assigned the
            role of a <b>“buyer”</b> and the other the <b>“seller.”</b> The buyer’s job is to decide how much to bid on
            a company that the seller owns, while the seller simultaneously decides their reserve price, or the minimum
            bid that they are willing to accept.
            <br/><br>
            The final payoffs of each player depends on the company’s value. The seller always knows the
            company’s value, and the buyer only knows that the value is a randomly drawn number between 0 and 100, with
            each number equally likely. In the event that the buyer purchases the company, it will be worth 1.5 times
            the value and the buyer will pay the bid to the seller.
            <br>
            If the amount the buyer bids is greater than or equal to the reserve price that the seller chooses,
            then the company will change hands. In this case, the seller’s payoff is equal to the buyer’s bid. The
            buyer’s payoff is equal to 1.5 times the value, minus the bid. Otherwise, no trade will be made and the game ends. In this case, the seller’s payoff is equal to the value of the company and the buyer’s payoff is equal to 0.
            <br/><br>
            <b>To summarize:</b> If the bid is less than the seller’s reserve price, the buyer’s payoff is 0 and the
            seller’s payoff is the value of the company. If the bid is greater than or equal to the seller’s reserve
            price, the buyer’s payoff is 1.5 times the value, minus the bid, and the seller’s payoff is equal to the bid.
            <br/><br>
            The game will be played <b>twice</b>. Each time you will be matched with a different partner and the roles will be
            reversed.
        </p>
    </div>
</div>