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Instructions for the Group Game
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Phase 3: The Group Game
In this round each participant will be endowed with {{ Constants.endowment }}
and randomly placed into groups of 4. Within each group, 3 participants will be
group members and one will be randomly chosen to be the representative.
{{ Constants.flat_invest }} will be taken from each of the 3 group members
and placed into a group account.
Every token in the group account will be multiplied by the representative’s growth
factor R and then divided equally among the 3 group members.
Each participant in the experiment has their own R value based on
how much their investments grew in the Investment game
in Phase 1 of today’s experiment. The R value for a group account
depends on who is randomly chosen to be the representative.
Representatives will not receive any tokens from the group account.
Instead, they are paid a flat fee of {{ Constants.flat_earning }}.
The representative may also choose to transfer some tokens from
the group account to their own private account.
Tokens transferred to the representative’s private account will
not be multiplied by R or returned to the group members.
For the three members, their payoff from this round is the {{ remain }}
remaining in their private account plus their earnings from the group account:
- Member payoff from their private account = {{ remain }}
- Member payoff from the group account = (({{ total }} -
amount taken by representative) x R)/3
- Total Member payoff = payoff from private account +
payoff from group account
For the representative, their payoff will include a {{ earning }} fee
for being the representative in addition to any tokens they transferred
from the group account into their private account:
- Total Representative payoff = {{ Constants.endowment }} +
{{ Constants.flat_earning }} +
the amount they transferred from the group account
Each of you will make this decision in advance as
if you are the group's representative.
When entering your decisions, you will not know whether you have been selected
as the group's representative. This will not be revealed to you until after you
make your decisions. Your decisions have no impact on whether or not you
are chosen as the representative.
On the next screen, you will see the amounts sent to and returned by the
other members of your group in the sender-receiver game, and their values of R.
They will be labeled anonymously as Player A, Player B, and Player C.
You will be able to enter your best guess about each of the
other players’ decisions – how much you think they will transfer to their private accounts
if they are the representative, and what is the probability that they will
transfer all the money in the group account to their private account.
Summary of Group Game:
- You will decide how many tokens you will transfer from the
group account to your private account if
you are selected to be the representative
- You will guess the decisions made by the other players in the group
- After all players have made their decisions and guesses,
the representative will be selected.
Quiz 3:
You will receive 2 tokens for each complete correct answer
to the following questions,
paid separately at the end of the experiment.
1. How many members of your group will be a
representative this round? {{ formfield 'answer_1' }}
2. How many tokens does the group account start with? {{ formfield 'answer_2' }}
3. Suppose you are selected to be the representative.
Your R value is 1.6 and you choose to transfer 11 tokens
into your private account from the group account.
- What are your total earnings from
the Group Game? {{ formfield 'answer_3' }}
- How much do each of your group members earn
from the Group Game? {{ formfield 'answer_4' }}
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