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    Informed Consent Document
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<strong>Title of Study</strong>
<p>Price competition with various kinds of cheap talk</p>

<strong>Investigator</strong>
<p>Jun Yeong Lee (Principal Investigator), Elizabeth Hoffman (Faculty Supervisor)</p>

<strong>Introduction</strong>
<p>The purpose of this study is how Bertrand Oligopoly firms
    are sustaining collusion in case of frequent cheap talk before decision making.
    You are being invited to be one of the firms.
    You should not participate if you are under age 18 or are not a US resident.</p>

<strong>Description of Procedure</strong>
<p>If you agree to participate,
    you will be asked to participate in a game that will take approximately 15 minutes at the maximum.
    You have been randomly and anonymously combined with other two participants and comprised of a market.
    Each of you will represent a firm and each of you privately sets your price, anything from 0 to 100.
    The buyer in the market will always buy one unit of the product at the lowest price. In case of a tie,
    you will get evenly divided profit. Your profit is your price if your product is sold and zero otherwise.
    You will play this game for 20 rounds. The second 10 rounds may or may not include a chatting room
    that all participants in a market can use to communicate. If one of the participants leaves a game early,
    the price of the participant will be automatically 100 so that others can keep playing the game. </p>

<strong>Risks</strong>
<p>There are no anticipated risks at this time in participating in the study.</p>

<strong>Benefits</strong>
<p>If you decide to participate in this study,
there will be no direct benefit to you.
It is hoped that the information gained in this study will benefit
the scientific research community by helping researchers better
    understand the impact cheap talk on price competition.</p>

<strong>Costs and Compensation</strong>
<p>You will not have any costs from participating in the study.
    For your time and efforts, participants will earn between $2 and $4 in the study including a $2 completion fee.
    Your final compensation will vary depending on your total profits.</p>

<strong>Participant Rights</strong>
<p>Your participation in this study is completely voluntary and
    you may refuse to participate or leave the study at any time by clicking the exit button.
    If you decide not to participate in the study or leave the study early,
    it will not result in any penalty or loss of benefits to which you are otherwise entitled.
    If you have any questions about the rights of research subjects or research-related injury,
    please contact the IRB Administrator, 515-294-4566, IRB@iastate.edu,
    or Director, 515-294-3115, Office for Responsible Research, Iowa State University, Ames, Iowa 50011.</p>

<strong>Confidentiality</strong>
<p> This consent form and any other documents identifying participants
    will be kept confidential to the extent permitted by applicable laws and regulations
    and will not be made publicly available. However, federal government regulatory agencies,
    auditing departments of Iowa State University, and the Institutional Review Board
    (a committee that reviews and approves human subject research studies) may inspect
    and/or copy study records for quality assurance and data analysis.
    These records may contain private information.
To ensure confidentiality to the extent permitted by law,
    the following measures will be taken: Only Jun Yeong Lee and his faculty supervisor
    can have access to the data and the data will be stored on Jun Yeong Lee’s computer
    with password protected computer files. The only identifier we will collect is your M-Turk worker ID;
    it will be separated from your responses to the questionnaires.  When we report results,
    we will group responses in aggregate; individual responses will not be shared.
Please be aware that any work performed on Amazon M-Turk can potentially be linked to
    information about you on your Amazon public profile page, depending on the settings
    you have for your Amazon profile. We will not be accessing any personally identifying
    information about you that you may have put on your Amazon public profile page.
    We will store your M-Turk worker ID separately from the other information you provide to us.</p>

<strong>Questions</strong>
<p>For further information about this study, please contact:
    Jun Yeong Lee at 515-509-4394 or jylee89@iastate.edu or
    Elizabeth Hoffman at bhoffman@iastate.edu.
    If you have any questions about the rights of research subjects or research-related injury,
    please contact the IRB Administrator, (515) 294-4566, IRB@iastate.edu, or Director,
    Office for Responsible Research, 2420 Lincoln Way, Suite 202, Ames, IA 50014, 515-294-1516.</p>

<strong>Clicking on the next button below will bring you to the survey and indicates that you have read the information contained on this form and that you agree to participate in this study
</strong>

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