trading simulation


5 buyers


1 seller, with 3 oranges



1.

1st buyer submits an offer, say $2.10

seller responds with a 'yes' or 'no' (paper ticket)

If a 'no', 1st buyer may submit a higher offer

response 'yes' or 'no' again

maximum of 3 offers may be submitted



2.

after this, second buyer submits up to 3 offers



3.

continuing until all 5 buyers have submitted offers, or all 3 oranges have been sold.



4.

Each buyer starts with $10



5.

As a guide, last week's prices, average $2.50



6.

repeat several times to get approximate levels

when not a 'no' an orange is exhanged for the indicated amount of cash (banknotes, coins)



7.

real situations


markets, prices shown on price tickets

real estate, similar processes to this such as auctions, submitted offers







