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You are about to take part in an economic study on economic decision making with 9 other participants. We will not deceive you in any way and we will give you full information about the details of the economic interaction for which you will make decisions. However, we are withholding some details regarding the purpose of this study because this knowledge could influence the study results. A research grant from Purdue University has provided the funds for this study.

At this time we ask that everyone put away their phones for the duration of the session. Everyone in the room has the same instructions. Please follow along on the screen as I read them aloud. If something in the instructions is not clear and you have questions, please raise your hand and ask for clarification. An experimenter will be happy to come answer your questions in private. Your earnings from today will depend on your choices, the choices of others, and some luck. You are also guaranteed to receive the $5 show up fee you were promised when you signed up. You will receive all money in cash immediately after the experiment. The experiment is expected to last up to 2 hours.

The Experiment

This study consists of four parts. You will receive instructions for one part at a time. We will begin with Part 1, which is a brief quiz. For the duration of this experiment we will be dealing with experimental dollars. They are exchanged at a rate of

4 experimental dollars = 1 U.S. dollar.

We will be keeping track of your earnings in experimental dollars for you and convert your total to U.S. dollars at the end of the experiment.

In the quiz that you are about to take you will be asked 10 questions. Read the questions carefully and reply to each question. You will be paid at a rate of 1 experimental dollar for every correct answer. You will have 10 minutes to complete the quiz, starting as soon as you click the next button below. You may now begin.

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