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Annotated Games: 4 players, version 0.3

This game was played during testing of 1988. For testing purposes, the players pursued different strategies.

  1. Private company with high initial share values.
  2. Private company with low initial share values.
  3. State companies, attempting to generate early cash flow.
  4. Diverse stock portfolio, attempting to speculate in the best stock.

Setup

Player assets

  1. 600 Mkr
  2. 600 Mkr
  3. 600 Mkr
  4. 600 Mkr

Company assets

  • SJ: 50 Mkr, Revenue 0 Mkr, Dividends 20 Mkr, Södra stambanan, Västkustbanan, Västra stambanan (share value 50)
  • Banverket: 50 Mkr, Cost 65 Mkr, Dividends 20 Mkr (share value 50)

Bank

  • 9 500 Mkr

First game round

Phase 1, Regional companies

Player 1 bids for A-train and player 2 for Svedab. Player 3 buys BK Tåg for 50 Mkr and player 4 buys TÅGAB for 60 Mkr. Player 1 and 2 bid for Connex and player 3 passes, after which player 4 buys Malmbanan for 70 Mkr. Player 1 gets the priority deal and the buy-bid-turns are paused for an auction for Connex. Player 1 raises her bid to 85 Mkr and player 2 passes. A-train and Svedab only have one bid each so there are no more buy-bid turns. Player 1 keeps the priority deal and gets A-train for 90 Mkr and player 2 gets Svedab for 100 Mkr.

Player assets

  1. A-train, Connex, 425 Mkr
  2. Svedab, 500 Mkr
  3. BK Tåg, 550 Mkr
  4. TÅGAB, Malmbanan, 470 Mkr
  5. A-Train: 90 Mkr
  6. Svedab: 100 Mkr

Bank

  • 9 765 Mkr

Second game round

Phase 2, Stock round

Player 1 starts Veolia with par value 100 Mkr and buys the president certificate for 2*100 Mkr (225 Mkr left). Player 2 starts Arriva with par value 67 Mkr and buys the president certificate for 2*67 Mkr (366 Mkr left). Player 3 buys the Banverket president certificate for 2*50 Mkr (450 Mkr left). Player 4 buys a Veolia certificate (370 Mkr left).

Player 1 buys a second Veolia certificate (125 Mkr left). Player 2 buys a second Arriva certificate (299 Mkr left). Player 3 buys the SJ president certificate for 2*50 Mkr (350 Mkr left). Player 4 buys an Arriva certificate (303 Mkr left).

Player 1 buys a third Veolia certificate for 100 Mkr (25 Mkr left). Player 2 buys a third Arriva certificate (232 Mkr left). Player 3 buys a Banverket certificate (300 Mkr left). Player 4 buys a Veolia certificate (204 Mkr left).

Player 1 passes. Player 2 buys a Veolia certificate (132 Mkr left) Player 3 buys an SJ certificate (250 Mkr left). Player 4 buys an Arriva certificate (136 Mkr left) and Arriva now floats.

Player 1 passes again. Player 2 buys a Banverket certificate (82 Mkr left). Player 3 buys a Veolia certificate (150 Mkr left) and Veolia now floats. Player 4 buys a Banverket certificate (86 Mkr left).

Player 1 passes again. Player 2 buys an SJ certificate (32 Mkr left). Player 3 buys an Arriva certificate (83 Mkr left). Player 4 buys an SJ certificate (36 Mkr left).

All players now pass and the priority deal goes to player 4.

Player assets

  1. A-train, Connex, 4 Veolia shares (President), 25 Mkr
  2. Svedab, 4 Arriva shares (President), 1 Veolia share, 1 Banverket share, 1 SJ share, 32 Mkr
  3. BK Tåg, 3 Banverket shares (President), 3 SJ shares (President), 1 Veolia share, 1 Arriva share, 83 Mkr
  4. TÅGAB, Malmbanan, 2 Veolia shares, 2 Arriva shares, 1 Banverket share, 1 SJ share, 87 Mkr

Company assets

  • Arriva: 670 Mkr (share value 67)
  • Veolia: 1 000 Mkr (share value 100)
  • SJ: Revenue 0 Mkr, Dividends 10 Mkr, Södra stambanan, Västkustbanan, Västra stambanan (share value 50)
  • Banverket: 0 Mkr, Cost 65 Mkr, Dividends 10 Mkr (share value 50)
  • A-Train: 90 Mkr
  • Svedab: 100 Mkr

Bank

  • 9 864 Mkr

Phase 2, Operating round

First, the regional companies operate. Player 1 collects 30 Mkr from Connex and 10 Mkr from A-Train (leaving 80 Mkr on it). Player 2 collects 15 Mkr from Svedab (leaving 85 Mkr on it). Player 3 collects 25 Mkr from BK Tåg. Player 4 collects 35 Mkr from TÅGAB and upgrades the track between Narvik and Gällivare, gaining themselves (and Banverket) another 10 Mkr. This increases the Gällivare value to 30, the Banverket cost with 5 and the SJ revenue with 5.

Next, the private companies operate. Since they have no trains and can't collect revenue yet, both Arriva and Veolia moves back on the stock market to 65 and 90 respectively. They decide not to do any lobbying, to buy 2-trains (Arriva 3, Veolia 2), and not to do any stock trade.

Finally, SJ and Banverket operate. SJ has a revenue of 5 Mkr and collects another 45 Mkr for the three line contracts. Banverket, which received 10 Mkr earlier, collects 105 Mkr for the same, less a cost of 70 Mkr. Adding their initial 50 Mkr, they both have 100 Mkr in Treasury and pay dividends of 100 Mkr, which lowers the share value to 40 Mkr for both. Since the Bank has 4 SJ shares and 4 Banverket shares, the companies keep dividends of 40 Mkr. SJ decides to place a tunnel tile on Namntallhöjden (increasing the revenue with 10 Mkr thanks to the removal of the 0-city) as its free development action and Banverket uses 1 of its 5 possible development actions to place a work tile on Hallandsåsen for 0 Mkr.

The last thing that happens in the operating round is the auctioning of the line contracts. Player 1 and 2 agree not to engage in any bid wars. Player 1/Arriva gets the Västra stambanan line contract for 50 Mkr and the Västkustbanan line contract for 20 Mkr and player 2/Veolia gets the Södra stambanan line contract for 50 Mkr.

Changed cities and tracks

  • Narvik-Gällivare: Double
  • Namntallhöjden: Tunnel
  • Hallandsåsen: Work
  • Gällivare: 30

Player assets

  1. A-train, Connex, 4 Veolia shares (President), 65 Mkr
  2. Svedab, 5 Arriva shares (President), 1 Veolia share, 1 Banverket share, 1 SJ share, 67 Mkr
  3. BK Tåg, 3 Banverket shares (President), 3 SJ shares (President), 1 Veolia share, 1 Arriva share, 168 Mkr
  4. TÅGAB, Malmbanan, 2 Veolia shares, 2 Arriva shares, 1 Banverket share, 1 SJ share, 101 Mkr

Company assets

  • Arriva: 360 Mkr, 3 2-trains, Västra stambanan, Västkustbanan (share value 65)
  • Veolia: 790 Mkr, 2 2-trains, Södra stambanan (share value 90)
  • SJ: 50 Mkr, Revenue 15 Mkr, Dividends 10 Mkr (share value 40)
  • Banverket: 50 Mkr, Cost 70 Mkr, Dividends 10 Mkr (share value 40)
  • A-Train: 80 Mkr
  • Svedab: 85 Mkr
  • Södra stambanan: 50 Mkr
  • Västkustbanan: 20 Mkr
  • Västra stambanan: 50 Mkr

Bank

  • 10 064 Mkr

Third game round

Phase 2, Stock round

Player 4 has the priority deal and starts the stock round by buying 1 Arriva share for 67 Mkr. Player 1 passes, as does Player 2. Player 3 buys 1 Veolia share for 100 Mkr. All players pass and Player 4 passes and ends up with the priority deal.

Player assets

  1. A-train, Connex, 4 Veolia shares (President), 65 Mkr
  2. Svedab, 5 Arriva shares (President), 1 Veolia share, 1 Banverket share, 1 SJ share, 67 Mkr
  3. BK Tåg, 3 Banverket shares (President), 3 SJ shares (President), 2 Veolia shares, 1 Arriva share, 68 Mkr
  4. TÅGAB, Malmbanan, 2 Veolia shares, 3 Arriva shares, 1 Banverket share, 1 SJ share, 34 Mkr

Company assets

  • Arriva: 360 Mkr, 3 2-trains, Västra stambanan, Västkustbanan (share value 65)
  • Veolia: 790 Mkr, 2 2-trains, Södra stambanan (share value 90)
  • SJ: 50 Mkr, Revenue 5 Mkr, Dividends 10 Mkr (share value 42)
  • Banverket: 50 Mkr, Cost 70 Mkr, Dividends 10 Mkr (share value 42)
  • A-Train: 80 Mkr
  • Svedab: 85 Mkr
  • Södra stambanan: 50 Mkr
  • Västkustbanan: 20 Mkr
  • Västra stambanan: 50 Mkr

Bank

  • 10 231 Mkr

Phase 2, Operating round

From the regional companies, player 1 collects 30 Mkr from Connex and 10 Mkr on A-Train. Player 2 collects another 15 Mkr from Svedab. Player 3 collects 25 Mkr from BK Tåg. Player 4 collects 35 Mkr from TÅGAB and upgrades the track between Gällivare and Boden, increasing the gain from Malmbanan to 20 Mkr for Banverket and themselves. This increases the Boden value to 30, the Banverket cost with 5 and the SJ revenue with 5.

The private companies now have lines and trains. Veolia has +1 train capacity and runs Stockholm-Norrköping-Linköping-Nässjö-Hässleholm-Malmö (60+20+40+20+20+50). The line fee is 50 Mkr and the revenue of 160 Mkr is paid as dividends, increasing the share value to 100. Arriva runs Stockholm-Katrineholm-Hallsberg (60+20+0), Skövde-Göteborg-Varberg (0+50 and 50+0) and Malmö-Lund+Hallandsåsen (50+20+0). The line fees are 50+20 Mkr and the penalty fees for Hallsberg-Skövde and Varberg-Hallandsåsen are 10+10 Mkr (half for Arriva). The revenue of 160 Mkr is paid as dividends, increasing the share value to 67. Both companies pay 40 Mkr for lobbying.

SJ has 50 Mkr in the Treasury + 20 Mkr from the penalty fee and a revenue of 20 Mkr. They pay 90 Mkr as dividends (keeping 45 Mkr for the shares in the Bank) and the share value falls again to 30.

Banverket has 50 Mkr in Treasury + 20 Mkr from Malmbanan and 120 Mkr from contract fees. and a cost of 70 Mkr. They pay 120 Mkr as dividends (keeping 60 Mkr for the 5 shares in the Bank). The share value increases to 50.

After discussions with the private companies, Banverket decides to accept both lobbying amounts (40+40 Mkr for 4 tracks) and pay 60 Mkr of them to complete Mälarbanan (Karlstad-Hallsberg-Västerås-Stockholm) and finish working on Hallandsåstunneln while SJ finishes working on Namntalltunneln. This opens up Mälarbanan for auction and increases several city values, among them Stockholm to the benefit of A-Train once Arlandabanan is completed. The many track developments increases Banverket's cost (+15 for the 3 Mälarbanan double tracks and -10 for the closed Inlandsbanan tracks) and increases SJ's revenue (+20 for the four upgraded cities along Mälarbanan and +5 for the disconnection of the 0-city Mora).

The auction of Mälarbanan gets no bidders (since none of the companies wanted to buy the last 2-trains yet) so SJ takes the line contract.

Changed cities and tracks

  • Narvik-Gällivare: Double
  • Gällivare-Boden: Double
  • Boden-Luleå: Double
  • Namntallhöjden: Tunnel
  • Karlstad-Hallsberg: Double
  • Hallsberg-Västerås: Double
  • Västerås-Stockholm: Double
  • Gällivare: 30
  • Boden: 30
  • Luleå: 20
  • Karlstad: 30
  • Hallsberg: 50
  • Västerås: 20
  • Stockholm: 70
  • Hallandsåsen: Work
  • Sveg-Mora: Closed
  • Mora-Filipstad: Closed
  • Mora: Disconnected

Player assets

  1. A-train, Connex, 4 Veolia shares (President), 169 Mkr
  2. Svedab, 5 Arriva shares (President), 1 Veolia share, 1 Banverket share, 1 SJ share, 183 Mkr
  3. BK Tåg, 3 Banverket shares (President), 3 SJ shares (President), 2 Veolia shares, 1 Arriva share, 204 Mkr
  4. TÅGAB, Malmbanan, 2 Veolia shares, 3 Arriva shares, 1 Banverket share, 1 SJ share, 190 Mkr

Company assets

  • Arriva: 320 Mkr, Contacts 40 Mkr, 3 2-trains, Västra stambanan, Västkustbanan (share value 67)
  • Veolia: 750 Mkr, Contacts 40 Mkr, 2 2-trains, Södra stambanan (share value 100)
  • SJ, Mälarbanan: 45 Mkr, Revenue 60 Mkr, Dividends 9 Mkr (share value 30)
  • Banverket: 80 Mkr, Cost 80 Mkr, Dividends 12 Mkr (share value 50)
  • A-Train: 70 Mkr
  • Svedab: 70 Mkr
  • Södra stambanan: 50 Mkr
  • Västkustbanan: 20 Mkr
  • Västra stambanan: 50 Mkr

Bank

  • 9 719 Mkr

Phase 2, Operating round

From the regional companies, player 1 collects 30 Mkr from Connex and 10 Mkr from A-Train. Player 2 collects another 15 Mkr from Svedab. Player 3 collects 25 Mkr from BK Tåg. Player 4 collects 35 Mkr from TÅGAB and upgrades the track between Gällivare and Boden, increasing the gain from Malmbanan to 20 Mkr for Banverket and themselves. This increases the Boden value to 30, the Banverket cost with 5 and the SJ revenue with 5.

The private companies now have lines and trains. Veolia has +1 train capacity and runs Stockholm-Norrköping-Linköping-Nässjö-Hässleholm-Malmö (60+20+40+20+20+50). The line fee is 50 Mkr and the revenue of 160 Mkr is paid as dividends, increasing the share value to 100. Arriva runs Stockholm-Katrineholm-Hallsberg (60+20+0), Skövde-Göteborg-Varberg (0+50 and 50+0) and Malmö-Lund+Hallandsåsen (50+20+0). The line fees are 50+20 Mkr and the penalty fees for Hallsberg-Skövde and Varberg-Hallandsåsen are 10+10 Mkr (half for Arriva). The revenue of 160 Mkr is paid as dividends, increasing the share value to 67. Both companies pay 40 Mkr for lobbying.

SJ has 50 Mkr in the Treasury + 20 Mkr from the penalty fee and a revenue of 20 Mkr. They pay 90 Mkr as dividends (keeping 45 Mkr for the shares in the Bank) and the share value falls again to 30.

Banverket has 50 Mkr in Treasury + 20 Mkr from Malmbanan and 120 Mkr from contract fees. The cost is 70 Mkr so they pay 120 Mkr as dividends (keeping 60 Mkr for the 5 shares in the Bank). The share value increases to 50.

After discussions with the private companies, Banverket decides to accept both lobbying amounts (40+40 Mkr for 4 tracks) and pay 60 Mkr of them to complete Mälarbanan (Karlstad-Hallsberg-Västerås-Stockholm) and finish working on Hallandsåstunneln while SJ finishes working on Namntalltunneln. This opens up Botniabanan for auction.

Changed cities and tracks

  • Narvik-Gällivare: Double
  • Gällivare-Boden: Double
  • Boden-Luleå: Double
  • Namntallhöjden: Tunnel
  • Karlstad-Hallsberg: Double
  • Hallsberg-Västerås: Double
  • Västerås-Stockholm: Double
  • Gällivare: 30
  • Boden: 30
  • Luleå: 20
  • Karlstad: 30
  • Hallsberg: 50
  • Västerås: 20
  • Stockholm: 70
  • Hallandsåsen: Work
  • Sveg-Mora: Closed
  • Mora-Filipstad: Closed
  • Mora: Disconnected

Player assets

  1. A-train, Connex, 4 Veolia shares (President), 169 Mkr
  2. Svedab, 5 Arriva shares (President), 1 Veolia share, 1 Banverket share, 1 SJ share, 183 Mkr
  3. BK Tåg, 3 Banverket shares (President), 3 SJ shares (President), 2 Veolia shares, 1 Arriva share, 204 Mkr
  4. TÅGAB, Malmbanan, 2 Veolia shares, 3 Arriva shares, 1 Banverket share, 1 SJ share, 190 Mkr

Company assets

  • Arriva: 320 Mkr, Contacts 40 Mkr, 3 2-trains, Västra stambanan, Västkustbanan (share value 67)
  • Veolia: 750 Mkr, Contacts 40 Mkr, 2 2-trains, Södra stambanan (share value 100)
  • SJ, Mälarbanan: 45 Mkr, Revenue 60 Mkr, Dividends 9 Mkr (share value 30)
  • Banverket: 80 Mkr, Cost 75 Mkr, Dividends 12 Mkr (share value 50)
  • A-Train: 70 Mkr
  • Svedab: 70 Mkr
  • Södra stambanan: 50 Mkr
  • Västkustbanan: 20 Mkr
  • Västra stambanan: 50 Mkr

Bank

  • 9 719 Mkr

To be continued.

Fourth game round

Phase 2, Stock round

Player 4 has the priority deal and states her intentions to start Green Cargo and sell shares if necessary. She sets the par price to 90 Mkr and pays 180 Mkr for the President certificate. The other players all buy 1 share each, after which player 4 passes. Player 1 and 2 buys an Arriva share and player 3 buys a 2nd Green Cargo share. The priority deal returns to player 4. Since the last Arriva share was bought, the share price increases to 71.

Player assets

  1. A-train, Connex, 4 Veolia shares (President), 1 Green Cargo share, 1 Arriva share, 12 Mkr
  2. Svedab, 6 Arriva shares (President), 1 Veolia share, 1 Banverket share, 1 SJ share, 1 Green Cargo share 26 Mkr
  3. BK Tåg, 3 Banverket shares (President), 3 SJ shares (President), 2 Veolia shares, 1 Arriva share, 2 Green Cargo shares, 24 Mkr
  4. TÅGAB, Malmbanan, 2 Veolia shares, 3 Arriva shares, 1 Banverket share, 1 SJ share, 2 Green shares (President) 10 Mkr

Company assets

  • Arriva: 360 Mkr, 3 2-trains, Västra stambanan, Västkustbanan (share value 65)
  • Veolia: 790 Mkr, 2 2-trains, Södra stambanan (share value 90)
  • SJ: 50 Mkr, Revenue 5 Mkr, Dividends 9 Mkr (share value 42)
  • Banverket: 50 Mkr, Cost 75 Mkr, Dividends 11 Mkr (share value 42)
  • A-Train: 70 Mkr
  • Svedab: 70 Mkr
  • Södra stambanan: 50 Mkr
  • Västkustbanan: 20 Mkr
  • Västra stambanan: 50 Mkr

Bank

  • 9 493 Mkr

Phase 2, Operating round

From the regional companies, player 1 collects 35 Mkr from Connex and 10 Mkr from A-Train. The A-train amount is now less than the Stockholm value so the Arlandabanan tile is laid. Player 2 collects another 15 Mkr from Svedab. Player 3 collects 25 Mkr from BK Tåg. Player 4 only collects 30 Mkr from TÅGAB, since Mälarbanan turned Västerås into a 20-city, and upgrades the track between Boden and Luleå, increasing the gain from Malmbanan to 30 Mkr for Banverket and themselves. This increases the Boden value to 30, the Banverket cost with 5 and the SJ revenue with 5.

Veolia runs Stockholm-Norrköping-Linköping-Nässjö-Hässleholm-Malmö as before but with more money for Stockholm (70+20+40+20+20+50) and less fee thanks to the lobbying (10 Mkr). The revenue of 210 Mkr is paid as dividends, increasing the share value to 110. Veolia pays another 40 Mkr for lobbying. Green Cargo has no trains yet but buys the last 2-train for 80 Mkr and the first 3-train for 180 Mkr. This triggers the start of phase 3. Since green tiles may now be bought, Green Cargo lobbies for 20 Mkr, hoping to get Botniabanan completed. Arriva runs Stockholm-Katrineholm-Hallsberg (70+20+0), Skövde-Göteborg-Varberg (0+50 and 50+0) and Malmö-Lund+Hallandsåsen (50+20+0). Similar to Veolia, the line fee is only 10 Mkr and the penalty fees for Hallsberg-Skövde and Varberg-Hallandsåsen are 10+10 Mkr (half for Arriva). The revenue of 160 Mkr is paid as dividends, increasing the share value to 67. Arriva lobbies for 40 Mkr and buys a 3-train.

SJ has 45 Mkr in the Treasury + 20 Mkr from the penalty fee and another 30 Mkr for Mälarbanan in addition to the revenue of 50 Mkr. They pay 140 Mkr as dividends (keeping the odd 5 Mkr and 30 Mkr for the shares in the Bank) and the share value increases to 40.

Banverket has 80 Mkr in Treasury + 30 Mkr from Malmbanan, 45 Mkr from Mälarbanan and 20 Mkr from line fees. The cost is 85 Mkr, leaving only 90 Mkr for dividends (of which 45 Mkr are kept for the 5 shares in the Bank). The share value falls to 40.

SJ and Banverket would like to close southern tracks but Veolia wants to develop Ostkustbanan and the other companies want to start projects so SJ and Banverket give in. SJ develops Sundsvall-Gävle so that Veolia may lobby for Gävle-Uppsala-Stockholm, Arriva for Hallandsåsen and Oslobanan and Green Cargo for Namntalltunneln. The development cost of 100 Mkr is a zero sum game for Banverket, which receives 40+40+20 Mkr.

With five developed lines and only three private companies, there is no competition for the contracts. Veolia bids 50 Mkr for Södra stambanan, Arriva 50 Mkr and 20 Mkr for Västra stambanan and Västkustbanan and Green Cargo bids 20 Mkr for Botniabanan. Since SJ will operate Mälarbanan and Ostkustbanan, they will collect 30+20 Mkr and Banverket 45+35 Mkr.

Changed cities and tracks

  • Narvik-Gällivare: Double
  • Gällivare-Boden: Double
  • Boden-Luleå: Double
  • Namntallhöjden: Tunnel
  • Karlstad-Hallsberg: Double
  • Hallsberg-Västerås: Double
  • Västerås-Stockholm: Double
  • Gällivare: 30
  • Boden: 30
  • Karlstad: 30
  • Hallsberg: 50
  • Västerås: 20
  • Stockholm: 70
  • Hallandsåsen: Work
  • Sveg-Mora: Closed
  • Mora-Filipstad: Closed
  • Mora: Disconnected
  • Göteborg-Oslo: Work

Player assets

  1. A-train, Connex, 4 Veolia shares (President), 1 Green Cargo share, 1 Arriva share, 164 Mkr
  2. Svedab, 5 Arriva shares (President), 1 Veolia share, 1 Banverket share, 1 SJ share, 1 Green Cargo share, 200 Mkr
  3. BK Tåg, 3 Banverket shares (President), 3 SJ shares (President), 2 Veolia shares, 1 Arriva share, 2 Green Cargo shares, 183 Mkr
  4. TÅGAB, Malmbanan, 2 Veolia shares, 3 Arriva shares, 1 Banverket share, 1 SJ share, 2 Green Cargo shares (President), 204 Mkr

Company assets

  • Arriva: 140 Mkr, Contacts 40 Mkr, 3 2-trains, 1 3-train, Västra stambanan, Västkustbanan (share value 71)
  • Veolia: 750 Mkr, Contacts 40 Mkr, 2 2-trains, Södra stambanan (share value 100)
  • Green Cargo: 620 Mkr, Contacts 20 Mkr, 1 2-train, 1 3-train, Botniabanan (share value 82)
  • SJ, Mälarbanan, Ostkustbanan: 75 Mkr, Revenue 90 Mkr, Dividends 14 Mkr (share value 40)
  • Banverket: 45 Mkr, Cost 90 Mkr, Dividends 9 Mkr (share value 40)
  • A-Train: Arlandabanan
  • Svedab: 55 Mkr
  • Södra stambanan: 50 Mkr
  • Västkustbanan: 20 Mkr
  • Västra stambanan: 50 Mkr
  • Ostkustbanan: 20 Mkr

Bank

  • 9 499 Mkr

P&P English (PDF, A4)

P&P English (PDF, US Letter)


Annotated games

  • v0.3, 4 players
  • v0.2, 4 players
  • v0.1, 4 players

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