Assume that you are an employee of ABC Company.
Your task is to determine the level of effort you want to exert at your job at ABC Company, doing so for 10 rounds.
In each round, a higher effort level is associated with a higher probability of achieving a higher outcome level. The three potential outcome levels are low, medium, and high. However, a higher effort level is costlier to you. More detail will be provided later on how effort levels, outcome levels, and cost of effort are related.
Your earnings will be expressed in the experimental currency “Lira.” After completing each round you will be informed of the amount of Lira you earned. At the end of the study, we will convert the Lira you earned into Dollars at a rate of $1.00 for every 6,500 Lira.