Buying and Selling Game Model

in economics •  5 months ago


Hi Everyone,

This video contains a brief explanation and demonstration of my ‘Buying and Selling Game’ Model. The model has been designed to be incorporated into a series of Steemit contests, which I will be starting soon. This new contest is based on Challenge 3 of my Six Week Economics Challenge Series, the link to this challenge is provided at the end of this post.

What is this contest all about?

Participants will be required to buy good/s with an allocated amount of money. Participants will normally have a choice of six goods and these six goods will be available in any of the five towns or cities in the game. The purchasing of goods will be on what I am calling Day 1.

The participants will then be required to sell all of their goods on Day 7 (this aligns with the 7 Day period for entering the contest). The participants can choose any of the five towns to sell their goods. The participant that has the most money after selling all of their goods is the winner.

Responses to the contest will be made in the comments section of the post. If several participants end up the same amount of money, the person who entered (commented) first will win. The format of the required entry will be explained in detail in the contest itself.

Prizes

I have not confirmed the prize money for the winner yet. I expect to give away 5 SBD to the winner of the first contest. If the contest proves to be popular or receives high value upvotes, I will increase this prize money. I may also include prizes for second and third places in the contest as well. I also want to give small upvotes for simply participating. I have done this with several of my other contests. If the contest is popular, I won’t be able to upvote every single entry. I will therefore randomly select entries for upvote. Don’t worry, I will work out a system to try and make this as random as possible so that all entries can have a chance to win something.

How does the model work?

The model generates the Day 7 prices for all goods in each town. The model uses the minimum, maximum, and mode using a triangle distribution to determine the price. Each town has a separate sheet in the model and a macro is run to calculate the prices for the town on the open worksheet. After the calculation has been made for a town. I will click on a button to view the next town where the prices will be calculated again. This process will repeat until the prices for all five towns and cities have been determined.

After all prices are determined, the model presents the bigger picture of both all Day 1 prices as well as all Day 7 prices. The model, using Excel Lookup tables generates the lowest prices for Day 1 and the highest prices for Day 7. These prices will determine the best buying and selling decisions. This information will be used to determine the winner of the contest.

How will I run these contests?

I will have an initial post that will provide all the information participants need to make decisions. This information will include:

  • Day 1 prices for all goods in all towns and cities.
  • Maximum, minimum, and mode for the distribution of prices for all goods on Day 7.
  • Names of all good and towns/cities (all locations will be hypothetical) for easy identification.

I will have a results post which will contain a video of me running the model to determine all Day 7 Prices in each town/city. This post will also contain the winners and the prize money. The video will be run on DTube or DLive.

Who can enter?

Anyone with a Steemit account can enter the contest. The amount of Steem Power is irrelevant. Cost of entry is just an upvote. If you are invested in Steem Power, I require a minimum of a 1% upvote. If you do not have a Steemit account, this is for my viewers from other platforms, you will need to sign up for one. You should see a sign up button on this page. Signing up can take a few days so don’t worry if you miss the next contest, there will be more contest in the series.

Below is another version of my ‘Buy and Sell Game’ video that I have prepared for those not currently signed up to Steemit (video targets mostly YouTube viewers and Facebook users). Contests are a great use of the Steem platform as prizes can be given away without requiring entrants to pay. I raise money for the prizes using upvotes instead of entry fees.

YouTube Version of the video (it is different, so please watch)

Here is the link to Challenge 3 of the Six Week Challenge

Challenge_3_THUMB.jpg

This post will give you a feel for what the contest involves. These contests will be similar but do not require participants to write individual posts or explain the logic for their investment choices.

I hope you enjoy the videos and I look forward to you participating.

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A GAME THAT REQUIRES BOTH LUCK AND SKILL

ENJOY


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that is really a nice contest

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Thank you. I am trying to come up with a game/contest that involves both skill and luck. I also wanted a contest that relates to the economics theme of my channel.

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you are doing a great job
stay blessed

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