Part 1 consists of a quiz and two guessing tasks.
Your first task is to answer 13 quiz questions, and you will earn 100 points for each correct answer. Some of the questions are multiple-choice while others are open-ended. For the multiple-choice questions, you can select the correct answer on the screen. For the open-ended questions, you can type your answer in the text box provided on the screen.
You will be asked to guess the percentage (a number between 0 and 100) of participants in this session that answered the question correctly (your own answer is excluded). You receive 100 points per guess minus an amount that depends on how inaccurate your guess is. Your final score for each guess will be calculated according to the following formula: $$Earnings = 100 \,points - p(1-q)^2-(1-p)q^2$$ Where p is the actual percentage of participants who answered correctly, and q is your guess of the percentage. You will have access to a payoff calculator on the screen (displayed below). Enter your guess, a percentage of participants who answered correctly, and click “Calculate” to see the estimated earnings. Payoff calculator for Guess 1:
{% include "payoff_calculator.html" %}You will be randomly paired with another participant in this session and will be asked to guess this participant’s answer to Guess 1. Specifically, you will be asked to guess this participant’s guess about the share of participants in this session that answered the question correctly. You receive 100 points per guess minus an amount that depends on how inaccurate your guess is. The subtracted amount is calculated in the same way as with Guess 1, and you have access to the same payoff calculator.