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Inflation


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After your experience in the market we will now ask what you think was the rate at which prices were rising. In concrete we want to know what you think was the relative change in the price of a specific basket of goods, between month 1 and month 6.

 

You might have noticed that in every month you were asked to buy the same basket of goods, although the actual order of purchases could be different. Specifically, you were asked to buy:

 

That is a total of 16 units, one for each day that we asked you to shop in a given month. We would like to know what you think was the percentage change in the total value of this basket between month 1 and month 6. In other words what was the percentage change in the total value of the items you were asked to buy in month one and the items you were asked to buy in month 6. For example, if you think the basket cost was £X in month 1 and £Y in month 6, then that's an increase of (£(Y-X) /£X) = Z% of the month-1 cost. In this example you should answer "Z%".

 

You will get a payoff in points according to the accuracy of your response. In this phase of the experiment, you will have the opportunity to earn a maximum payoff of £2.6 if you provide a very accurate answer regarding the percentage change.

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