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        <p>
            This experiment is about an <b>investment game</b>.
            You could use your current account balance <b>{{participant.Total}}</b> to make <b>investment
            decisions on a virtual farmland market </b>.
<p>
    The experiment will consist of <b> 5 </b> trading periods. In each period, you could purchase farmlands from the auctioneer. There are <b>4 irrigated farmlands with different saturated thickness levels </b> and <b>1 dryland farmland (farmlands with 0/10/20 feet saturated thickness)</b> available to be purchased <b>in each period.</b>    
</p>      
<p>
   <b>Introduction of farmland </b> 
</p>
<p>
    Farmland could bring you returns. The return of the farmland is related to the saturated thickness level and follows a distribution. The farmland with a <b>higher saturated thickness level</b> has <b>a larger mean of return</b>. The farmland lasts only one period, which means you only get a return once for each farmland in the whole game.  
</p>    
<p>
    In general, the average saturated thickness level of the aquifer will decline by<b>20 feet each period </b> because of agricultural production on the farmlands. The farmlands sold to you in each period might have different saturated thickness levels, but with a mean at the average saturated thickness level of the aquifer, which means <b>in the later period, the posssibility of getting the higher saturated thickness level farmlands available for auction is less.</b>
    The saturated thickness level of the farmland available to sell in each period is randomly drawn from a normal distribution ~N (aquifer level, 20). The saturated thickness of each available farmland to be sold will be informed to you in each period.
</p>
       
<p>
     <b>Autcion Rule</b>   
</p>        
<p>
    You could use the money you received from Part 1 and showup fee to purchase the farmland assets.
At the beginning of each period, we will release the average saturated thickness of the aquifer and the information of the available farmlands, including the number of farmlands to be sold and the saturated thickness of each farmland. 

</p>
<p>
Then, we will conduct auctions for every farmland that is available to be sold sequationally.  We will do the auction  on the farmlands according to the order of the water level hence the expected return of farmland from the highest to the lowest level. The price of the successfully sold farmland will be automatically taken from the winners’ accounts.
</p>
<p>
Last, After the farmland is sold, we will randomly genetate the returns for your purchased farmlands. The returns of your farmlands will be automaticall added to your account .

</p>           
<p>
   <b>Payment Rule</b> 
</p>           
 <p>
     
At the end of period 5, after the return has been generated for the last period, another 500 points will be added to your experiment account as a reward for completing the whole experiment.
</p>
<p>
     the total points left in your experiment account will be converted into US dollars as your final payment. We will pay you in cash/via your student account according to your player ID. If you make negative net points in Part 2 experiment, we will make your net points in Part 2 equal to zero, which means you will still get the payment from Part 1 + show up fee+ completing fee.    
</p>          

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