You will participate in {{ practice_num_rounds }} Practice Rounds and then
{{ num_rounds }} independent Paying Rounds with {{num_other_participants}} other participants.
At the beginning of the Experiment you'll be randomly assign to be either a Seller or a
Buyer for the entire session.
Instructions will remain the same for every round throughout the entire experiment, the only thing changing will be interest rate at which money can be borrowed.
At the start of each round, each Seller will be paired with one Buyer for that round.
Chances of being paired with the exact same participant in 2 or more consecutive rounds are extremely low.
In each round, each Seller-Buyer pair will bargain over the amount of Output the Seller provides (at a cost to them) and the Payment the Buyer makes for it (out of their money holdings).
The bargaining takes the following form: both participants can make as many offers as they like regarding Output and Payment until one of them accepts an offer or 2 minutes go by. Once it is made, an offer can not be withdrawn, so there will be a list and any previous offer can always be latter accepted.
Paying Rounds:
After the Practice Rounds, you'll enter the Paying Rounds.
At the end of the experiment, your earnings from one randomly selected round will be paid to you.
Paying Round.
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Please notice: Throughout the experiment, payoffs, costs and payments will always be
expressed in US Dollars, $.