In this task, you will be asked to answer 20 multiple choice questions.
Each question will appear sequentially. You have 45 seconds to answer each question. After answering each question, you will also be asked about the percent chance (or chances out of 100) that you think your answer is correct. This will tell us how confident you feel about your answer.
Your payoff will depend on your final score. You will only be informed of your score after you have answered ALL the 20 questions. The more questions you answer correctly, the higher your payoff. The payoff rate for each correct question is $0.50. In addition to the $0.50 payoff for each correct answer, you may earn an additional bonus payment as follows: $2 if you answered 6 - 10 questions correctly, $4 if you answered 11 - 15 questions correctly, and $6 if you answered 16 - 20 questions correctly.
This is the payoff table:
| Number of correct answers | Payoff | Bonus | Total Payment |
|---|---|---|---|
| 1 | $0.50 | $0.00 | $0.50 |
| 2 | $1.00 | $0.00 | $1.00 |
| 3 | $1.50 | $0.00 | $1.50 |
| 4 | $2.00 | $0.00 | $2.00 |
| 5 | $2.50 | $0.00 | $2.50 |
| 6 | $3.00 | $2.00 | $5.00 |
| 7 | $3.50 | $2.00 | $5.50 |
| 8 | $4.00 | $2.00 | $6.00 |
| 9 | $4.50 | $2.00 | $6.50 |
| 10 | $5.00 | $2.00 | $7.00 |
| 11 | $5.50 | $4.00 | $9.50 |
| 12 | $6.00 | $4.00 | $10.00 |
| 13 | $6.50 | $4.00 | $10.50 |
| 14 | $7.00 | $4.00 | $11.00 |
| 15 | $7.50 | $4.00 | $11.50 |
| 16 | $8.00 | $6.00 | $14.00 |
| 17 | $8.50 | $6.00 | $14.50 |
| 18 | $9.00 | $6.00 | $15.00 |
| 19 | $9.50 | $6.00 | $15.50 |
| 20 | $10.00 | $6.00 | $16.00 |
Example: if you answer 14 questions correctly, you will receive:
To ensure you understand correctly how your compensation (payoff + bonus) will be determined, please answer the following practice question.
Practice Question: What would your compensation (i.e. payoff + bonus) be if you answered 16 questions correctly? {% formfield player.stdchoice label="" %}
Additional payoff: For each of the 20 questions, you will be asked about your best guess of the chance that you think your answer is correct. You may earn up to an additional $1 for the guess you provide. The computer will randomly select one of the 20 questions to determine the additional payment. The more accurate your guess, the closer you will earn this $1 additional payoff. For instance, if you think the chance your answer is correct is 100% and your answer is indeed correct, you will earn an additional $1. However, if you think the chance your answer is correct is 80% and your answer is indeed correct, you will earn $0.96. On the other hand, if you think the chance your answer is correct is 100% but your answer is actually wrong, you will earn $0. This formula was designed by economists. According to this formula, it is in your best interest to respond honestly.
Some of the questions require algebraic calculations. You may use a calculator to complete this task. When you are ready to answer the multiple-choice questions, please click "Next" button below.
{% next_button %} {% endblock %}