You'll be in groups of 4 and play 4 rounds. In each round, you are randomly matched with another participant and bargain over how to split 100 points. At the start of each round, the computer randomly assigns you an outside option between 0 and 100.
Both players submit one number to the mechanism. If the two requests add up to 100 or less, the mechanism makes a recommendation based on both requests and the remaining points.
The exact formula is not disclosed. If the total request is above 100, the mechanism recommends bargaining breakdown.
Both players then decide simultaneously whether to accept or reject the recommendation. You have 60 seconds to submit your number and 30 seconds to accept or reject.
If agreement is reached: Earnings = number of points you receive in the agreement.
If no agreement is reached: Earnings = your outside option.
One round will be randomly selected for payment at the end. Each ECU earned equals 0.03 pounds.