{{ block title }}Directions{{ endblock }}

    {{ block content }}

    <p>

    This experiment will consist of 10 rounds.
        In each round, you will be lent a certain amount of experimental currency and presented with 15 stocks and
        allowed to make offers (bids) to purchase some of these stocks.
        Your payment for the round will consist of the final payout of each share of stock that you own minus the
        price you paid to purchase those shares.
<br><br>
    The maximum final payout of any stock is 20 and all your bids must be between 0 and 20.
        You will bid the maximum price you are willing to pay.  Then a random whole number will be drawn.
        If the number is less than or equal to your bid, you will acquire the stock at the price equal to the random number.
<br><br>
    For example, suppose the random number is 7.  If you had bid any number below 7, then you don't acquire the stock.
        However, if you bid any number above 7, then you acquire the stock at a price of 7 regardless of how much higher
        your bid was above 7.  This is done to give you an incentive to state your true maximum price.
<br><br>
    In all rounds, there will be regular stocks.  Regular stocks increase by 1 or decrease by 1 with equal probability each period.
<br><br>
    In some rounds, there may be superstar stocks.  Superstar stocks increase by 1 with 99% probability and decrease
        by 1 with 1% probability each period.
<br><br>
    Stock movements don't have any memory.
        This means that a regular stock has a 50% chance of increasing next period, regardless of its past performance.
        Similarly, a superstar stock has a 99% chance of increasing next period, regardless of its past performance.
<br><br>
    You will be told at the beginning of each round whether superstar stocks are possible in that round.
        In those rounds where superstar stocks are possible, each stock is given a 2% chance of being created a superstar
        and a 98% chance of being created a regular stock.
<br><br>
    Regular stocks stay regular and superstar stocks stay superstar.
<br><br>
    At the end of all rounds, your cumulative payments will be converted from experimental currency to US dollars and
        you will be paid that amount in cash before exiting.  Each experimental currency unit is worth $0.15.
        If your earnings amount to below the $15.50, then you will be paid $15.50.

<br><br>
    Please press next to start the first round.
<br><br>
    </p>
    {{ next_button }}

{{ endblock }}