In this part you are in a group of 3 participants with whom you can trade. Everyone always remains anonymous. You will interact in this group for many periods. There will be a predetermined number of periods (at least 10) that is written down on a piece of paper (which can be viewed later) but is not disclosed at this point.
One of the periods that you will play in this part has already been selecetd for payments. You do not know what period it is. At the end of the session we will reveal the period, and the points that you have earned in that selected period will be your payment for part 2. Each point is worth 2.5 cents (40 points = $1).
Each period develops as follows:
1. The computer assigns each person a color, red or blue.
2. You choose to trade or not.
3. You see your color and how many chose to trade in your group.
4. Everyone decides how to assign a “trade bonus”.
5. You see the result of the trade bonus decisions, and your earnings.
6. You either play another period or the game ends.
We now discuss all this in detail.
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