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In each round, the Advisor will receive an estimate of the quality of the investment opportunity. This estimate is private information. In other words, the Advisor can see the estimate, but the Investors will never be told what estimate their group’s Advisor received.
There is an 5/6 chance that the estimate the Advisor receives is correct and a 1/6 chance that it is incorrect. In other words, there is a 5 in 6 chance that the estimate the Advisor receives will be exactly equal to the true quality level of the investment opportunity, and a 1 in 6 chance that the estimate the Advisor receives will be equal to some level other than the true quality of the investment opportunity. You can think of this like rolling a single die. If the computer rolls a 1 through 5, the Advisor receives a correct estimate. If a 6 is rolled, the Advisor receives an incorrect estimate.
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