In your second round as a? buyer, your wtp will change

Reference no: EM133710937

Question: In each round of the market experiment you will be either a buyer or a seller. As a? buyer, you will make a? "bid," where you offer a price at which you agree to buy the product. As a? buyer, before each round? begins, you will be told the highest amount you are willing to pay ?(your willingness to pay? (WTP)) for a single unit. You? won't be able to offer an amount higher than your WTP. For? example, if your WTP is? $10.00, you cannot bid? $10.01. Your goal is to buy the good for the lowest price? possible, in order to make your gains? (the difference between an accepted bid and your? WTP) as large as possible. In your second round as a? buyer, your WTP will change.

Reference no: EM133710937

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