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 pre-determined 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.
At the end of the session the computer will randomly select one of the periods that you will play. The points you earn in that period will be your payment for part 2. Again, 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 the colors and trade choices of everyone in your group.
4. Everyone votes on the assignment of a “trade bonus”.
5. You see the votes of everyone in your group, and your earnings.
6. You either play another period or the game ends.
We now discuss all this in detail.
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