Hi Everyone,
Welcome to the Christmas ‘Buying and Selling Game’ Contest results post. This post contains a video of the ‘Buying and Selling Game’ Excel Models generating the selling prices for each Christmas item from each town.
Winner determined in this video
What is the Christmas version of the Buying and Selling Game?
For the benefit of those who have not entered this contest, here is a brief explanation of how the game works.
Participants are required to buy Christmas items with an allocated amount of money (100 Hive). They are given a choice of 12 Christmas items and all these Christmas items are available in any of the 5 towns in the game. The buying prices of all the Christmas items are provided in the question.
The participants are then required to sell all of their Christmas items on a future date. The selling prices for all the Christmas items in all towns are not provided. Instead, the question provides a triangle distribution for the selling price of each Christmas item in each town. For the triangle distribution, the minimum, maximum, and mode values are provided.
The participant should then select the percentage of their profits to donate to another account. The participant that donates the most money after selling all of his or her Christmas items is the winner. The donatee receives the value of the donation made in the game. The winner receives the amount remaining. For example, if the winning participant makes a profit of 50 Hive and donates 60% to another account, the winner will receive 20 Hive and the donatee will receive 30 Hive.
Responses to the contest are made in the comments section of the post. If two participants donate the same amount of money, the participant that made the highest profit wins. If this also results in a tie, the participant who entered first would win.
For a more detailed explanation, you can access the contest post using the following link.
Results of the contest
Table 1 contains the selling prices generated by the ‘Buying and Selling’ Game models for each Christmas item in each town.
Table 1: Selling prices of all Christmas items from each town
Table 2 contains responses and the profit made by each participant.
Table 2: Participant responses and profit
Congratulations to @sifondeseltz for winning the Christmas version of the 'Buying and Selling’ Game.
In Festiville Town, @sifondeseltz bought 111 tinsels at 0.90 Hive each and paid a total of 99.90 Hive.
On Winter Hill, @sifondeseltz sold the 111 tinsels at 1.32 hive each and received a total of 146.52 Hive. Therefore, made a profit of 46.62 Hive (146.52 – 99.90). @sifondeseltz choose to donate 55% of the profit to @livinguktaiwan. This amounted to 25.64 Hive. @sifondeseltz wins 20.98 Hive (46.62 - 25.64).
Highest possible profit
The strategy that would have generated the highest profit would have been to buy 166 vegetables from Tower Town at 0.60 Hive each and then selling them at Winter Hill for 1.019 Hive (as generated by the model). This would have generated a profit of approximately 70 Hive.
Table 3 contains the lowest buying prices, the highest selling prices and the highest profit for selling each Christmas item.
Table 3: Lowest buying price and highest selling price
I would also like to thank @razielmorales, @jeffersom, @sinahit and @jizzyjoe for participating.
Tips for future games
To achieve the best chance of winning the game (i.e. earning the highest profit). Participants need to make the best use of the information they are given. The participant should buy from the place that sells the good at the lowest price and sell at the place that will offer the highest price.
To inform the decision further, participants should also consider the mean and median prices for each good in each place. The mean and median for a triangle distribution can be calculated using the following formulae.
Mean = (Minimum + Maximum + Mode)/3
Median when Mode ≥ (maximum – minimum)/2 (i.e. mode closer to maximum)
Minimum + (((maximum – minimum) × (mode – minimum))/2)0.5
Median when Mode ≤ (maximum – minimum)/2 (i.e. mode closer to minimum)
Maximum - (((maximum – minimum) × (maximum – mode))/2)0.5
Proof Median
More posts
If you want to read any of my other posts, you can click on the links below. These links will lead you to posts containing my collection of works. These 'Collection of Works' posts have been updated to contain links to the Hive versions of my posts.
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