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This experiment will consist of two stages. Right now we will only go through the instructions for Stage 1. You will receive instructions for Stage 2 after Stage 1 concludes.
Stage 1 will last for 30 rounds. In each round, you will be in a six-person group with five other participants. The participants you are grouped with will be the same for all rounds of Stage 1.
Your group will consist of participants in two roles. Five of the participants will participate in the experiment in the role of Advisor. The remaining participants in each group will be in the role of Investor.
You will be informed of your role (Advisor or Investor) prior to the beginning of Stage 1.
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