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This experiment will last for one period which will last for 10 minutes.
In this experiment, there are two roles that you can potentially have as a participant: Person A or Person B. Person A takes a decision which is payoff-relevant for Person A and Person B. Person A can receive an endowment of £7 depending on their performance. Person A can transfer any part of their endowment to Person B. Person A can only transfer amounts to the nearest 10p. Person B receives no endowment and makes no decisions. The payoffs are calculated as follows.
Payoff of Person A= Endowment of Person A - Transfer from Person A to Person B.
Payoff of Person B= Transfer from Person A to Person B.
To earn your endowment, you will be asked to perform a task. In the task, you will be presented with some text and you are asked to find the possible typos included in the text within 10 minutes. If you can find 70% or more of the typos, you will receive an endowment of £7. If you find less than 70% of the typos, you will receive no endowment.
After the end of the 10 minute period, the computer will randomly assign roles to participants (either Person A or Person B) and you will be asked to make your decisions in the experiment depending on the role you have been assigned.