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<Instructions for experiment>
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General instruction

This is an experiment in economic decision-making in a market. In the experiment, you will be grouped with another participant. Each group corresponds to a market consisting of two firms, firm 1 and 2. You will have a role of an owner in a firm. Your role and firm are kept until the end of this experiment. The experiment consists of 16 rounds in total.

Your earnings today will be determined by your and other' choices. If you follow the instructions carefully and make good decisions, you can earn a considerable amount of money. The currency used in the experiment is the 'Point.' 2,000 points are worth 1 dollar. You can see how much you earn at the end of each round, and then points will be converted to dollars after all the 16 rounds are completed. In addition, you receive a show-up fee for completing the experiment.

Each round has one stage. This table below describes what you should do in a stage.
Stage Each participant's role What does each participant
select in each stage?		 What do the decisions in each stage affect?
1 Owner A or B Earnings
(Fine is imposed with a 15% chance
if both choose A.)


At the beginning of each stage, owners chat with each other for one minute. During a chat stage, you can talk with the other owner freely, but you must not share any personal information with the other owner. No one who violate the rule will get any points.

After the chat, you and the other owner choose (i) to join a market agreement (A) or (ii) not to join it (B). If both you and the other choose A, then there is a 15% chance that both owners have to pay a fine. Otherwise, no fine is imposed to anyone. After your and the other owner's decisions, earnings and fines are decided and then a round is completed.

Please click the next button if you understand the instructions. {{ next_button }} {{ endblock }}