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<b><u>Description of Investor Payoffs</u></b>
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<p>If you are a Investor and you choose to <i>keep</i> your endowment, you will retain your initial 12 ECU. This will be your payoff for the round. </p>
<p>If you are a Investor and choose to invest your endowment, your payoff will depend on the total number of Investor’s in your group, including you, that invest (<i>Total Investors</i>) and the quality of the investment opportunity (<i>Quality</i>). </p>
<p>The <i>Quality</i> will be drawn randomly in each round from three possible levels: Low, Medium, or High. Each quality level is equally likely to be drawn. In other words, the chance of each of level being drawn is 1/3. You can imagine that the computer rolls a single six-sided die at the beginning of each round. If the roll is a 1 or 2, the quality is low. If the roll is a 3 or 4, the quality is medium. And if the computer rolls a 5 or 6, the quality is high. A new quality level is drawn in each round (i.e. a new die roll), so knowing the quality drawn in the previous round tells you nothing about the quality drawn for the current round. <b>You will not know the quality level of the investment opportunity when you decide to invest. </b></p>


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