How to run the Asset Market experiment

Setting Up Kaivik: First Time Instructions
The first time an instructor uses Kaivik they will set up a personal free account on the Kaivik server. This allows the creation of financial market experiments by using a Professor Dashboard. The instructor needs to save their personal login email and password for future reference.

The Dashboard will keep a record for each experiment under a unique ten letter upper case run code like “JTBGOHLPDM”.
Each run of the experiment is linked with to a unique “Room” with the ten-letter run code that can be used to retrieve the record of that run. When using Kaivik the word “room” actually means a single specific experiment run. The instructor needs to keep a record of the unique code for each run.
 
Setting Up Kaivik: Setting Up an Experiment Run

The order of steps for the instructor:
  • Navigate to https://kaivik.us
  • Enter your login email and password
  • On the Professor Dashboard, click add new “room” and record the unique new  ten letter room identification code (as well the date and course) from the upper left text entry box
  • Click “Go to……” filling in the ten digit code for the new room that was added and now appears in Open Rooms
  • The instructor sets the parameter values:
•     Number of rounds
•     Initial cash endowment per team
•     Initial share endowment per team
•     Probability distribution of share dividends each round
 
 
 
Running Kaivik: Running an Experiment

The order of steps for running an experiment are:
  • Instruct students to navigate to https://kaivik.us
  • Tell the students the room code for the run. Only one student device per team should join the waiting room for the game.
  • The team types in a chosen team name, plus the correct room code, in the two boxes.
  • Team names will appear at the bottom of the Professor Dashboard showing teams have joined the game.
  • The instructor clicks “Launch Room”.
  • The trading interface will appear automatically on students’ cellphones and teams should begin trading immediately. Teams can switch between bidding and asking within a round.
  • The instructor can monitor the experiment progress via the Professor Dashboard, which projects the order book for the market in real time. The instructor can monitor the behavior of the market (and use recording software if desired for later debriefing).
  • Students cannot see the market order book during trading, students can only see their cellphone trading screen.
  • At the end of the game the instructor will be directed to a room review/debrief screen for projecting to the class. Each team will also see an End of Experiment Student.  An optional Student Instruction Sheet is provided in the Appendix, to assist in preparing students to trade.
 
Once the trading starts the instructor can monitor trading from the Professor Dashboard