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In the following, we will explain the investment task very carefully. Afterwards, we will ask a specific question to make sure that you understand the task at hand.
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You will receive an endowment of USD 3. In our experiment, you will be asked to invest your endowment of USD 3 in a risky investment. In particular, we will show you a selection of stocks and you can decide which stock you want to invest your endowment in. All stocks offer the same expected rate of return on your endowment. However, the stocks differ in the amount of risk that they carry. In other words, they differ in the variation of outcomes that are possible. We will depict the riskiness of a stock with a histogram that shows all possible outcomes. To determine your payoff, we will randomly draw one realization from the distribution shown in the histogram.
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    You will have to invest the entire amount into one stock.
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    We ask you to repeat the investment decision three times (3 rounds). That is, three times, we will present you a selection of nine stocks to choose from. Every time, all stocks will offer the same expected rate of return but will vary in their riskiness. At the end of the experiment, we will randomly select one of the three rounds to determine your payoff. We will use the payoff distribution from the stock of your choice and randomly draw one outcome from that payoff distribution. Thus, your payoff depends on the stock that you select and on chance.
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