‘‘For each bottle, we ask you to indicate the price that you would
be willing to pay (written bid). This price should be comprised between
0 and 14 Euros. For each bottle, the price will be written
down on a Post-it note. The money in your envelop will allow you
to buy only one bottle. However, the bottle you select to purchase
will be limited to the number of Euros found inside each envelope.
During the day, five other people will take part in the study. The
selling price of the bottle will be calculated as the mean of all the
bids for that bottle. You can buy the bottle if the price you indicated
in the Post-it note is the same or higher than the selling price.
In summary, to buy your favourite bottle you’ll have to choose a
price:
– Large enough: To ensure that it is greater than the selling price
(mean of all bids).
– Not too large: To ensure that you have enough money in your
envelope’’.