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<p>Welcome to the experiment. We kindly request that you read the instructions carefully. The printed copy on the desk provides the same instructions as what you read on the screen.</p>

<p>During the experiment, it is important that you do not talk to other participants. If you have a question, please raise your hand and wait for an experimenter to come to you. You can then pose your question in private.</p>

<p>You will receive a show-up fee of <b>3.5 Euros</b> and earnings on top of that, which depend on the decisions made by you and other participants in the lab. During the experiment, your earnings will be denoted in points. We will pay you afterward according to the exchange rate: <b>40 points = 1 Euro.</b></p>

<p>All decisions made in the experiment will remain anonymous. Participants will not be aware of each other's identities. </p>

<p>The experiment consists of <b>20 rounds</b>, all following the same procedure. In the end, <b>2 rounds</b> will be <b>randomly selected</b> for payment. </p>


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