{% extends "global/Page.html" %}
{% load otree %}

{% block title %}Instructions (Page 1 of 2){% endblock %}

{% block content %}

<h2>Welcome</h2>

<p>
This session is part of an economics experiment. If you pay close attention to these instructions, 
you can earn a significant amount of money, which will be paid to you in cash at the end of the session.
</p>

<p>
Please remain silent, turn off your cell phone, and do not look at other participants’ screens.
If at any point you have a question or need assistance, please raise your hand and a monitor will come to you.
We appreciate your cooperation.
</p>

<p>
At the end of the session, you will receive a <strong>$10 participation fee</strong> ($5 arrive-on-time bonus + $5 completion bonus) 
plus a bonus payment that depends on your decisions in the experiment. 
</p>

<hr>

<h2>Basics</h2>

<p>
The session consists of <strong>30</strong> rounds. 
In the experiment, you and the other participants act as firms selling a good. 
Buyers in this experiment are computerized <em>robots</em>.
</p>

<p>
At the beginning of the session, each participant will be randomly assigned a 
production cost, drawn from the interval <strong>50 to 70</strong>. 
This cost is private information and remains fixed for all rounds.
</p>

<p>
In each round, you will be randomly matched with <strong>2</strong> other participants. 
Your price, together with the prices of the participants you are matched with, 
determines your point earnings for that round. 
</p>

<p></p>
Points will be converted into cash at the rate 200 points = $1. One round will be randomly selected at the end of the session, and your points from that round will determine your bonus payoff.
</p>

<p>
Click “Next” to continue to the second page of instructions.
</p>

{% next_button %}

{% endblock %}