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{{ block title }}Introduction{{ endblock }}
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    <h4>
        WELCOME
    </h4>
    <p>
        Thank you for participating in this experiment. This experiment is a study of group and individual investment behavior. If you follow the instructions carefully and make good decisions, you may earn a considerable amount of money. The money you earn will be paid to you in cash, at the end of the experiment (other participants will not be informed about your earnings).
    </p>
    <h4>
        INVESTMENT OPPORTUNITIES
    </h4>
    <p>
        At the beginning of each round, you will be randomly assigned into a group of 4 people. Each of you will be given an investment account with a specific number of points in it. These are then invested to turn them into cash. 
        <em>
            All points must be invested to earn cash from them.
        </em>
    </p>
    <p>
        There are 12 rounds in total. After each round, you will be reassigned to another new group. In each round, you will be choosing how to allocate your points between two investment opportunities:
    </p>
    <strong>The Individual Exchange</strong>
    <p>
        Every point you invest in the Individual Exchange will remain the same value. 
        <br>
        Example: Suppose you invested 15 points in the Individual Exchange. Then you would earn 15 points at the end.
    </p>
    <strong>The Group Exchange</strong>
    <p>
        The return you earn from the Group Exchange is a little more difficult to determine. What you earn from the Group Exchange will depend on the group’s total contribution and the multiplier of that round.
        <ul>
            <li>
                Total contribution = the total number of points that you and the other three members of your group invest in the Group Exchange of the same round
            </li>
            <li>
                Multiplier = the total contribution will be multiplied and amplified by a certain factor (by 1.2 or 3). This multiplier will be changed after the 6th round, you will be informed about the exact multiplier at the beginning of each round.
            </li>
        </ul>
        The more the group invests in the Group Exchange, the more each member of the group earns. The 
    </p>
    <p>
        Example: Suppose that you decided to invest no points in the Group Exchange, but that the three other members invested a total of 60 points. Given the multiplier of that round being 1.2, the total contribution will be multiplied by 1.2 to be 72. Then your earnings from the Group Exchange would be 18 points. Everyone else in your group would also earn 18 points. 
        <img src="{{ static 'public_goods/eg1.png'}}" />
    </p>
    <p>
        Example: Suppose that you invested 30 points in the Group Exchange and that the other three 	members of your group invested a total of 60 points. This makes a total of 90 points. Given the multiplier of that round being 1.2, the total contribution will be multiplied by 1.2 to be 108. Your return from the Group Exchange would be 27 points. The other three members of the group would also get a return of 27 points. 
        <img src="{{ static 'public_goods/eg2.png'}}" />
    </p>
    <p>
        Example: Suppose that you invested 30 points in the Group Exchange, but that the other three 	members of the group invest nothing. Given the multiplier of that round being 3, the total contribution will be multiplied by 3 to be 90. Then you, and everyone else in the group, would get a return from the Group Exchange of 22.5. 
        <img src="{{ static 'public_goods/eg3.png'}}" />
    </p>
    <p>
        As you can see, every point invested in the Group Exchange will earn one quarter (or 25%) of the multiplier for every member of the group, not just the person who invested it. It does not matter who invests points in the Group Exchange. Everyone will get a return from every points invested- whether they invest in the Group Exchange or not.
    </p>
    <h4>THE INVESTMENT DECISION </h4>
    <p>
        Your task is to decide how many of your points to invest in the Individual Exchange and how many to invest in the Group Exchange. You are free to put some points into the Individual Exchange and some into the Group Exchange. Alternatively, you can put all of them into the Group Exchange or all of them into the Individual Exchange. 
    </p>
    <h4>STAGES OF INVESTMENT </h4>
    <p>
        There will be 12 decision rounds in which you will be asked to make investment decisions. At the end of each round your payoff will be recorded by the experimenter. After the last round you will be paid the total of your payoffs from all 12 round.
    </p>
    <p>
        At the beginning of each round, you will be given a fresh investment account with a budget of 30 points. Be sure that your investment in the Individual Exchange plus your investment in the Group Exchange equals the number of points in your account. You must make your investment decisions without knowing what the others in your group are deciding. Do not discuss your decision with any other participant.
    </p>


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