{% extends "global/Page.html" %}
{% load otree %}

{% block title %}
    Introduction
{% endblock %}

{% block content %}

    <br><br>
    <p>
        You will be randomly assigned to a treatment. And it will not change during the experiment.
        There are 20 rounds. One round would be randomly selected by computer as your final earnings. All the values below are described as Experimental Currency Unit (ECU).
        <br> <p style="color:#8b000c">ECU1,000 = $1
        <p style="color:#030303">
        In each round, you have a car valuing 25,000. And there could be a car accident (no injury)
        caused by you. Once it happens, your car could suffer a slight loss (500), half loss (12,500) or total loss (75% of car value, i.e. 18,750).
        The probability of each loss scenario is equal, i.e. 1/3 (33.33%), conditioning on an accident.
        <br><br>
        Each round, you can decide whether to buy a collision insurance or not.
        <br>1. No collision coverage plan: no need to pay premium, and your final property value would be your car's remaining value in the end of each round.
        <br>2. Buy any collision coverage plan:
        <br>(1) No accident: your final property value would be your car's remaining value minus premium;
        <br>(2) Accident: you will be reimbursed depending on the loss level and the plan you choose.
        If it's slight loss or half loss, you will be fully reimbursed except for the deductible. That means, your car's remaining
        value will be the same as before. If it's total loss,
        you will lose your car and get back cash value from the insurer equals to only 75% of your car's original value, i.e. 18,750, except for the deductible.
        Also, the premium will be deducted from your final property value.
            <p style="color:#8b000c">
            Property value = Value of your car in the end of this round – premium – deductible/loss (which is lower)
        <p style="color:#030303">
        After you submit your decision, you will be told whether the accident happens or not, and how much you earn in this round.
        <br><br>
        For example, suppose that you buy a plan with deductible 1,000. The premium is 1,170. An accident happens and causes total loss. Then you can
        get back 18,750. In the end of this round, your property value is:
        <br>
        18,750 (car remaining value) - 1,170 (premium) - 1,000 (deductible) = 16,580
        <br>
        Your earnings in this round is $16.58.
        <br><br>
        More information would be provided on Treatment page.
        <br>
        Let's start a short test!
        <br><br>


        <br><br>

        <br><br>

    </p >


    {% next_button %}
{% endblock %}