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Bargain Tournament 3.1 -- Rules

The game involves a buyer and a seller.

  1. The seller is given a cost and the number of days within which it has to sell (DTS);
  2. The buyer is given a utility and the number of days within which it has to buy (DTB);
  3. Both the buyer and the seller know nothing about the other's information (cost, utility, DTS and DTB).  
  4. The seller does not know the buyer’s utility and DTB;
  5. The buyer does not know the seller’s cost and DTS;
  6. The plays make alternate bids, starting with the seller;
  7. When both plays bid for the same price, a sale is agreed;
  8. If a sale cannot be agreed before any player runs out of time, the negotiation terminates; no penalty is paid by either player;
  9. Past bargaining is forgotten;
  10. The history of each negotiation is given to the player {in reverse order), e.g.:
    [+106, -106, +192, -53, +215]
    The seller always goes first. In this example, the seller asked for a price of 215, the buyer offered 53, which the seller countered with 192, etc. Finally, they agreed on the price of 106.


Page maintained by Edward Tsang; Last updated 2009.12.09