{% extends "global/Page.html" %}
{% load otree static %}

{% block title %}
  Lottery-style Investment Game – Instructions
{% endblock %}

{% block content %}

<p>
  In this part of the experiment, you will make <strong>investment decisions</strong>.
  In each round you receive <strong>{{ endowment }} coins</strong>, which you can allocate
  between two assets:
</p>

<ul>
  <li><strong>Asset A (risky)</strong> – its return depends on the outcome of a coin toss.</li>
  <li><strong>Asset B (safe)</strong> – it yields a fixed, risk-free return.</li>
</ul>

<p>
  For each round, you decide how many coins you want to invest in <strong>Asset A</strong>.
  The remaining coins are automatically invested in <strong>Asset B</strong>.
</p>

<h3>Practice Round</h3>
<p>
  The <strong>first round</strong> is a <strong>practice round</strong>.
  It is there to help you understand the task and will <strong>not</strong> be used for payment.
</p>

<h3>Paying Rounds</h3>
<p>
  After the practice round, you will play <strong>five paying rounds</strong>.
  One of these paying rounds will be randomly selected at the end of the experiment.
    The tokens you earn in that round will be converted into real money at a rate of 5% and paid to you in cash.
</p>

<p>
  The exact returns in each paying round may differ, but the basic structure is always the same:
</p>

<ul>
  <li>
    <strong>Asset A (risky):</strong>
    with probability 50% a <strong>gain</strong> of a certain percentage of the invested amount,
    and with probability 50% a <strong>loss</strong> of a certain percentage of the invested amount.
  </li>
  <li>
    <strong>Asset B (safe):</strong>
    a fixed positive percentage return on the invested amount.
  </li>
</ul>

<p>
  In the first scenario (including the practice round), the returns are for example:
</p>

<ul>
  <li>Asset A (risky): Heads → {{ risky_up_pct }}%, Tails → {{ risky_down_pct }}%</li>
  <li>Asset B (safe): {{ safe_return_pct }}% with certainty</li>
</ul>

<p>
  On the next screen you will see the first (practice) scenario.
</p>

{% if participant.vars.treatment != 'no_music' %}
  <p>
    Please be aware that, from the next round onward, depending on your assigned group, you may hear
    background music. If you hear music, it will play continuously until you
    finish the math task.
  </p>
{% endif %}

{{ next_button }}

{% endblock %}