Pit Market Trading
Trading
Buyers and sellers will meet around the room and negotiate during a short trading period. Prices must be multiples of $0.50. When a buyer and seller agree on a price, both should immediately come to the trading desk to turn in their cards together, so that we can verify that the price is neither lower than the seller's cost nor higher than the buyer's value. If there is a line, wait together with your trading partner. After the price is verified it will be announced to the class. Then the buyer and seller will turn in their cards, return to their original seats to calculate their earnings and wait for the trading period to end.
Some sellers with high costs and some buyers with low values may not be able to negotiate a trade, but do not be discouraged, since new cards will be passed out at the beginning of the next period.