{{ block title }} Instructions: Part 2 {{ endblock }} {{ block content }} {{ if session.config.treatment == 1 }}

The experiment consists of 16 rounds. Your role is randomly selected either as an ADVISOR or as a CLIENT and stays the same for all the rounds. In each round, a client and an advisor are randomly paired and advisors are recommending investment options for clients.
You will not be able to identify which client or advisor you are playing with.

Each advisor will meet each client exactly 4 times in random order.


Actions in the game:

1. Advisor chooses proposal

If you are an advisor, you will select one of the 3 investment options with the following payoffs in CZK and send this proposal to a paired client:
(Payoff advisor, Payoff client)
(180,250);  (250,180);  (140,140)

If you are a client you will have no way of identifying which one of the payoff options was proposed in the current round. For the client, the proposed option will always be shown with a random label (either A, B, or C).

After the round ends, clients will always be informed about the quality of proposed option (only after they accepted or rejected the proposal). The proposed option will be labeled as GOOD, MEDIUM, or BAD from client's perspective as shown in the following table.

Advice quality Advisor's payoff Client's payoff
Good 180 CZK 250 CZK
Medium 250 CZK 180 CZK
Bad 140 CZK 140 CZK



2. Client accepts or rejects the proposal

After advisor sends proposal, if you are a client, you will be shown the following statement:
             •     The Advisor selected A/B/C as the best option for you. Do you want to accept this proposal?

If you are a client, you will then decide whether to accept or reject the proposal. Depending on the choice one of the following events will happen:

Accept proposal Payoff pair of the proposed option will be realized (whichever option was chosen by advisor)
Reject proposal One of the other 2 options will be randomly selected and payoff pair of that option will be realized



3. Everyone is informed about their payoffs and history is shown

After each round, both clients and advisors will be informed about their payoffs for the round. If you are an advisor, you will be informed whether your proposal was accepted or rejected. If you are a client, you will also be informed about the quality of proposal.


AFTER EVERY ACTION YOU NEED TO PRESS THE NEXT BUTTON. AFTER EACH ACTION YOU WILL BE DISPLAYED A WAITING PAGE WHILE THE OTHER PARTICIPANT TAKES HIS TURN.


Sequence of actions in one round:
  1. Advisor selects one option as a proposal
  2. Client accepts or rejects the proposal
    3. - Accepted proposal : payoffs of proposed option are realized
    - Rejected proposal : payoffs of one of the other 2 options are realized
  3. Everyone is informed about their payoffs
  4. History is shown

{{ elif session.config.treatment == 2 }}

The experiment consists of 16 rounds. Your role is randomly selected either as an ADVISOR or as a CLIENT and stays the same for all the rounds. In each round, a client and an advisor are randomly paired and advisors are recommending investment options for clients.
If you are an advisor, you will be assigned a name such as Advisor XY (E.g. Advisor24) and clients will be able to identify you. If you are a client, you are anonymous.

Each advisor will meet each client exactly 4 times in random order.


Actions in the game:

1. Advisor chooses proposal

If you are an advisor, you will select one of the 3 investment options with the following payoffs in CZK and send this proposal to a paired client:
(Payoff advisor, Payoff client)
(180,250);  (250,180);  (140,140)

If you are a client you will have no way of identifying which one of the payoff options was proposed in the current round, you will only know which one of the advisor is sending the proposal. For the client, the proposed option will always be shown with a random label (either A, B, or C).

After the round ends, clients will always be informed about the quality of proposed option (only after they accepted or rejected the proposal). The proposed option will be labeled as GOOD, MEDIUM, or BAD from client's perspective as shown in the following table.

Advice quality Advisor's payoff Client's payoff
Good 180 CZK 250 CZK
Medium 250 CZK 180 CZK
Bad 140 CZK 140 CZK



2. Client accepts or rejects the proposal

After advisor sends proposal, if you are a client, you will be shown the following statement:
             •     The Advisor XY selected A/B/C as the best option for you. Do you want to accept this proposal?

If you are a client, you will then decide whether to accept or reject the proposal. Depending on the choice one of the following events will happen:

Accept proposal Payoff pair of the proposed option will be realized (whichever option was chosen by advisor)
Reject proposal One of the other 2 options will be randomly selected and payoff pair of that option will be realized



3. Everyone is informed about their payoffs and history is shown

After each round, both clients and advisors will be informed about their payoffs for the round. If you are an advisor, you will be informed whether your proposal was accepted or rejected. If you are a client, you will also be informed about the quality of proposal.


AFTER EVERY ACTION YOU NEED TO PRESS THE NEXT BUTTON. AFTER EACH ACTION YOU WILL BE DISPLAYED A WAITING PAGE WHILE THE OTHER PARTICIPANT TAKES HIS TURN.


Sequence of actions in one round:
  1. Advisor selects one option as a proposal
  2. Client accepts or rejects the proposal
    3. - Accepted proposal : payoffs of proposed option are realized
    - Rejected proposal : payoffs of one of the other 2 options are realized
  3. Everyone is informed about their payoffs
  4. History is shown

{{ elif session.config.treatment == 3 }}

The experiment consists of 16 rounds. Your role is randomly selected either as an ADVISOR or as a CLIENT and stays the same for all the rounds. In each round, a client and an advisor are randomly paired and advisors are recommending investment options for clients.
If you are an advisor, you will be assigned a name such as Advisor XY (E.g. Advisor24) and clients will be able to identify you. If you are a client, you are anonymous.

Each advisor will meet each client exactly 4 times in random order.


Actions in the game:

1. Advisor chooses a fee

If you are an advisor, you will choose a fee to charge a client.

Possible fees:

If advisor chooses fee of 0 CZK, next action (action number 2 is skipped).


2. Client accepts or rejects the fee

If you are a client, you will be shown the selected fee.
You can either accept or reject this fee:


3. Advisor chooses proposal

If you are an advisor, you will select one of the 3 investment options with the following payoffs in CZK and send this proposal to a paired client:
(Payoff advisor, Payoff client)
(180,250);  (250,180);  (140,140)

If you are a client you will have no way of identifying which one of the payoff options was proposed in the current round, you will only know which one of the advisor is sending the proposal. For the client, the proposed option will always be shown with a random label (either A, B, or C).

After the round ends, clients will always be informed about the quality of proposed option (only after they accepted or rejected the proposal). The proposed option will be labeled as GOOD, MEDIUM, or BAD from client's perspective as shown in the following table.

Advice quality Advisor's payoff Client's payoff
Good 180 CZK 250 CZK
Medium 250 CZK 180 CZK
Bad 140 CZK 140 CZK



4. Client accepts or rejects the proposal

After advisor sends proposal, if you are a client, you will be shown the following statement:
             •     The Advisor XY selected A/B/C as the best option for you. Do you want to accept this proposal?

If you are a client, you will then decide whether to accept or reject the proposal. Depending on the choice one of the following events will happen:

Accept proposal Payoff pair of the proposed option will be realized (whichever option was chosen by advisor)
Reject proposal One of the other 2 options will be randomly selected and payoff pair of that option will be realized



5. Everyone is informed about their payoffs and history is shown

After each round, both clients and advisors will be informed about their payoffs for the round. If you are an advisor, you will be informed whether your proposal was accepted or rejected. If you are a client, you will also be informed about the quality of proposal.

Payoff for the round will always be shown in the history with already deducted/added fee.


AFTER EVERY ACTION YOU NEED TO PRESS THE NEXT BUTTON. AFTER EACH ACTION YOU WILL BE DISPLAYED A WAITING PAGE WHILE THE OTHER PARTICIPANT TAKES HIS TURN.


Sequence of actions in one round:
  1. Advisor selects a fee
    2. - Fee of 0 CZK : going straight to step 3
  2. Client accepts or rejects the fee
    3. - Accepted fee : Going to step 3 (fee will be deducted from client's payoff and added to advisor's payoff at the end of the round)
    - Rejected fee : Both client and advisor receive 110 CZK and go straight to step 5
  3. Advisor selects one option as a proposal
  4. Client accepts or rejects the proposal
    5. - Accepted proposal : payoffs of proposed option are realized
    - Rejected proposal : payoffs of one of the other 2 options are realized
  5. Everyone is informed about their payoffs
  6. History is shown



{{ endif }}

Control questions:

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