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    INSTRUCTIONS PAGE 1/5
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        Time has run out. Please continue to the next page.
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    <p>
		In this experiment, you will play the role of an investor in government bonds. A government bond is a debt instrument issued by a national government to support government spending. <br><br>
        The experiment has 3 rounds. The first round is a <b>practice round</b> it has 5 periods. Rounds 2 and 3 have 10 periods each. In each round, you will be paired with 4 other participants. You will stay in the same group of 5 for an entire round, groups will change randomly in each round.
        You will not know which of the other participants belong to your group in a given round. From investors’ perspective, each round is independent from the others.  	<br><br>
		In each period of each round, you and the other participants in your group borrow <b>1000 Experimental Currency (EC)</b>, which you can use to buy government bonds. If you buy a bond you can earn a return, which will be your potential gain in that period. If you do not purchase any bonds your return is zero. <br><br>
		At the end of the game, the computer will pick at random <b>one period from Rounds 2 or 3</b> (the practice round is not considered for deciding payment) and you will be paid the return from that period converted into EURO at a conversion rate: <b>10 EC is 1 Euro</b>. <br><br>
		The structure of the experiment is:<br><br>
		
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