Hi Everyone,
Welcome to my first ‘Buying and Selling Game’ Contest. This series of contests is very similar to Challenge 3 of my Six Week Economics Challenge series. This time I do not require a separate post explaining selections made, I just need your answers in the comment section according to the format explained in this post.
Objectives of the game
The objective of the game is to make the highest profit as possible. This will be achieved by buying goods at the lowest possible price and then selling them at the highest possible price. Transaction and transport costs are assumed to be zero.
How to play
Participants are required to buy goods with the money allocated to them. For this first contest participants have been allocated $5 million to spend. Participants can choose to spend all of it or just some of it. Participants can to choose to buy 1 or more goods but from just one town or city. Participants are not permitted to buy goods from multiple towns or cities. Buying occurs on what I am calling ‘Day 1’ of the contest. Day 1, is in fact any day from the start of this contest to the close of this contest.
Towns
Note: All towns and cities are hypothetical, any resemblance to any real town or city is purely a coincidence.
All goods bought by the participants are automatically sold on Day 7. Participants decide which town or city their goods will be sold in; only one town or city can be selected. After the contest closes, I will upload a video of myself running my ‘Buying and Selling Game’ model. The model will generate the Day 7 prices for all the goods in all the towns. The model determines the prices using a triangle distribution. The post containing the video will also contain the results of the contest based on the prices generated in the video.
Required information
Budget = $5 Million (Participants can spend all, some or none of the budget on goods)
Prices Day 1
Minimum, maximum, and mode for triangle distribution on Day 7
Responses to the contest will be made in the comments section of this post.
Prizes
The participant with largest profit based on prices generated from the model will win 5 SBD. If we have several people with the same profit figure, the winner will be awarded to the participant who entered first (commented).
I will also give out 10 random upvotes to entries. So take this as even more incentive to participate in this contest.
How to enter
All responses must be in the form of a single comment as shown below
Buying
Name of Town: Farout Town
Good purchased: Gold
Amount spent on good: $5M
Selling
Name of Town: Dagwood Town
Entry also requires 1 upvote of this post. Participants are not required to give a 100% upvote. You can give a 100% if you like or as low as 1%, it’s up to you. Each participant is only allowed one entry.
The closing date and time for this contest is 6PM USA Eastern Time 24/06/2018. Responses after this time will not be accepted. The answers will be provided in the results post along with the video of the generation of prices using the model.
I hope everyone enjoys this contest. I wanted a contest that involves both luck and skill.
If you have any questions, feel free to ask in the comments section.
If you want to know more about the 'Buying and Selling Game' model you can watch a brief video I made explaining how it operates using the link below.
