This program sets up a market for capital asset units, in which participants are given endowments of cash and asset "units" with dividends that correspond to rental returns or profits generated by the asset. Cash may be kept in a safe account with a fixed interest rate. The capital stock depreciates from one period to the next, and new asset units can be produced with costly investments. The rental return for each asset unit is a decreasing function of the aggregate capital stock. Final-period redemption values for the asset may either be known or random. Traders submit buy or sell limit orders for existing asset units, which are ranked and "crossed" to determine a uniform market-clearing price. Traders are allowed to buy on margin, by putting up a specified fraction of the purchase price of the units that they bid for, with the rest being borrowed. Loans are called and the asset must be sold if the market price in the previous period falls enough to wipe out the initial equity provided by the trader at the time of purchase. The instructor may press a Stop Trading button to "call" the market if some traders are inactive.

The interest rate for cash induces a time preference, which together with the depreciation rate determines the fundamental (present) value of an asset unit. Trading prices can be compared with the fundamental values to identify patterns and cycles that are driven by expectations and leverage.