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Stage II
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Parts, Rounds, and Firms: Stage II consists of 3 sets. Each set consists of two parts, with the first part of each set consisting of 1 round and the second part
of each set consisting of 3 rounds.
For the remainder of this experiment you will be randomly assigned to a firm consisting of four (4) participants. You will be grouped
with the same three other participants one set. At the beginning of each set you will be randomly regrouped into new groups consisting of a
different set of participants.
The following instructions are for the first part of a set from Stage II -- the first round of each set.
After we have given you the instructions for the first part of the set, we will present to you the instructions for the second part of the set.
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