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<p>
    <b>How it Works</b>
</p>
<p>
    
Some of you will be in the role of a “buyer”, and some of you will be in the role of a “seller”.  These roles are determined by chance. Buyers and sellers will bargain over a digital token worth 100 experimental dollars. The seller will start with the digital token and the buyer will have the chance to purchase it from them. If both participants agree on a (whole number) price, the token will be sold at that price. You will not see who you are bargaining with, but rather an avatar that represents them.       
    
</p>

<p>
    <b>Payoff</b>
</p>

<p>
If the buyer and seller reach an agreement, the buyer may exchange the digital token for $10 CAD at the end of the study. If the buyer and seller do not reach an agreement, the token will vanish. Buyers would not want to buy the token at a price higher than 100 experimental dollars; otherwise, they would not earn money. Therefore, 100 EXD is set as the maximum offer both buyers and sellers can make. The token does not have value to the seller. That is, they do not gain EXD from keeping it, and there is no cost to them of selling it to the buyer. If you do not reach an agreement, both players make only the $10 CAD participation compensation plus your payoff from the knowledge check quiz. To earn money from the bargaining game portion of the experiment (which does not include the knowledge check quiz), you must reach an agreement. </p>

<p>
If a sale of the digital token occurs, the buyer will earn 100 EXD (the value of the token), minus the agreed-upon sale price. The seller will earn the agreed-upon sale price. If there is no sale, both buyer and seller each receive only the 10 CAD participation compensation.       
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<p>

<p>
  Buyer Payoff = 100 EXD - sale price  
</p>    
    <p>
     Seller Payoff = sale price    
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<p>
The above payoffs do not include your participation compensation  ($10 CAD) and your knowledge check quiz payoff (up to $3.50 CAD)
   
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