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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 three other participants. Each group corresponds to a market consisting of two firms, firm 1 and 2. Each firm has one owner and one manager. You will have a role of either an owner or a manager in a firm. Your role is kept until the end of this experiment. The experiment consists of 16 rounds in total.

Your earnings today will be determined by your and others' 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.' If your role is an owner, 2,000 points are worth 1 dollar. If your role is a manager, 200 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($5) for completing the experiment.

Each round consists of two stages. This table below describes what each role should do in stages.
Stage Each participant's role What does each participant
select in each stage?		 What do the decisions in each stage affect?
1 Owner P or R Earnings
2 Manager A or B Earnings
(Fine is imposed with a 15% chance
if both managers choose A.)

In the first stage of each round, the participants who have a role of an owner select one between two strategies P and R. Your selection affects not only your earnings, but also your manager's earnings. At the end of the first stage in each round, there is an announcement to all participants about what strategies owners select in stage 1. Managers wait for owners' decisions during stage 1.

In the second stage, managers choose (i) to join a market agreement (A) or (ii) not to join it (B). If both managers choose A, then there is a 15% chance that owners and managers have to pay a fine. Otherwise, no fine is imposed to anyone. Owners wait for managers' decisions during stage 2. After stage 2, earnings and fines for participants are decided and then a round is completed.

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