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Do not talk to anyone else during the experiment. If you have a question, raise your hand to ask the monitor.

Your initial payoff in the experiment will be determined by a coin flip. The possible payouts are as follows:

   
Coin outcome   
   
Heads   
   
Tails   
   
Money earned   
   
$8   
   
$16   

If the computer flips heads, your initial payoff will be $8. If the computer flips tails, your initial payoff will be $16.

Click Next to determine your initial payoff.

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