Thank you for participating in this experiment. This study is in two parts.

The first part will consist of 2 rounds.
The second part consists of 10 rounds.
In this study you will be paid for a single round, which will be randomly determined.
Note that every Part and every Round is independent of all the others. So, you should treat each decision you make as if it were the only one that mattered for payment.

Please click “Next” to read the instruction. When you have finished reading the instructions, you will be asked to complete a short quiz to ensure that you understand the experiment and how participant earnings will be determined.

In Part I of the study you will use a currency called Tokens." The conversion between Tokens and US Dollars is 100 Tokens = 2 US Dollars.

This part of the study will last 2 rounds.
Each round is independent and nothing you do in one round can affect what happens in the other round in any way.
In each round you will be given 100 tokens.
Remember that only one Round in this entire study will matter for payment, so it is in your best interest to treat each decision you make as if it were the only one mattering for payment.

In each round you will face a simulation of applying to college.

There are ten colleges, College A, College B, College C etc. up to College J.
Each college has an “enrollment bonus” associated with it.
You can only enroll in one of the colleges. To enroll in a college you must meet its test score requirement.
To meet a college’s test score requirement, you must purchase virtual study books using your 100 Tokens.
Your task is to choose how many of your tokens to spend on virtual study books, which will determine which college you enroll in, and therefore determine your enrollment bonus, and ultimately your Additional Payment for this part of the study.

Additional Payment: for each round your Additional Payment will equal the 100 Tokens you were initially given, minus the cost of the virtual study books needed to meet the testing requirement, plus the enrollment bonus associated with the college you enroll in.

Additional Payment =

100 Tokens

- cost of virtual books

+ Bonus associated with the college you ultimately enroll in

Remember that only one Round in this entire study will matter for payment, so it is in your best interest to treat each decision you make as if it were the only one mattering for payment.