Reto:
Roby: In Part 1 there will be 10 Rounds. In jeder Runde werden Sie in einer Gruppe mit vier weiteren Teilnehmern sein. Die Teilnehmer, mit denen Sie gruppiert sind, bleiben während des gesamten Experiments dieselben. Für jede Runde sollen Sie eine Zahl zwischen 1 und 7 wählen. Ihre Auszahlung hängt von Ihrer Wahl und der KLEINSTEN Zahl ab, die von den fünf Mitgliedern der Gruppe gewählt wurde, wie in der nachfolgenden Tabelle dargestellt. (At this point I put the Auszahlungstabelle on the screen at the front of the room, and handed out a paper copy to each of the participants. Participants do not know these are called gains or loss tables, it just says Auszahlungstabelle on the screen and handout.) Your payment for the round will be the amount determined from the table. For each round the computer will display a screen showing the above payoff table. Each participant will choose their number between 1 and 7 using the text box on the screen and clicking the OK button. When you make your decision you will not know who is in your group, or the actions they take. All actions are confidential. After each Round you will be informed of the action you chose in that round, the smallest number chosen by your group in that round, your payoff for this round, and your accumulated payoff through the current round. You will be shown the history of your decisions and the history of decisions of your entire group in each round.
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Chaudhuri 2010: You will be in a market with 4 other people. In this experiment there will be a number of rounds. The composition of the group will not change and you will be playing with the same group of players for all rounds.You will not know the identity of the people in your group in any round. In each round every participant will pick a value of X. The values of X you may choose are {1.1, 1.2, 1.3, 1.4, 1.5, 1.6, or 1.7} The value you pick for X and the smallest value picked for X by any participant, including your choice of X, will determine the payoff you receive. The payoff table below tells you the potential payoffs you may receive. The earnings in each period may be found by looking across from the value you choose on the left hand side of the table and down from the smallest value chosen by any participant from the top of the table. For example, if you choose 1.4 and the smallest value chosen is 1.3 then you will earn 60 cents for that round. If you choose 1.5 and the smallest value chosen is 1.2 then you will earn 45 cents for that round. The experiment will consist of 15 rounds. You will be able to read some of these instructions again once you have logged in. After you have finished reading the instructions you will proceed to play the first 5 rounds of this game. After the end of the 5th round and before the beginning of the 6th round the experimenter will provide you with a message about how to play the game for the last 10 rounds. Each of you will receive a sheet of paper containing this message. Each of you is looking at the exact same message as everybody else. [In the common knowledge treatment we add the following sentence: In addition to providing you with this sheet of paper with the message on it, the experimenter will also read the message out loud].
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