{{ block title }}Instructions{{ endblock }} {{ block content }}
{% if role == 'Buyer' %}

Your Role: Buyer

You are the buyer in this experiment, and you will remain in this role for all 20 rounds.
You are paired with the same expert for all 20 rounds.
In each round, the seller is randomly rematched every round.

Bargaining (90 seconds)

You negotiate with the seller using a slider.
Your slider is blue; the seller's slider is red.

πŸ‘‰ Moving your slider to the right means you are offering a higher amount to the seller.
πŸ‘‰ If your position reaches or exceeds the seller's position, a deal is made.

Inviting the Expert (First 45 seconds only)

During the first 45 seconds, you can choose to invite the expert at any time.

If you invite the expert:

If you do not invite the expert:

πŸ‘‰ After 45 seconds, the option to invite the expert disappears.

Important Notes

You will not see the appraisal unless you invite the expert
The seller cannot invite the expert β€” only you can
At the end of the round, the value is revealed to you
The value is always drawn from the 10-point range observed by the expert

Payment

Here is how your payment is determined.

At the end of the experiment, your total payment will consist of three components:

1. Show-Up Fee
You will receive a fixed $3.00 show-up payment for participating.

2. Knowledge-Check Bonus
You can earn an additional $0.30 bonus/question if you answer all knowledge-check questions correctly on your first attempt.

3. Payoff from the experiment
You will also earn money based on your decisions and the outcomes in the experiment.

You will play 20 rounds of the game, and your total payment will be based on your accumulated earnings across all rounds. Payments from each round are based on the payoff table presented earlier. Here is the buyer-only information for your convenience:

Situation Buyer payoff
Deal is made, expert invited realized value βˆ’ negotiated amount βˆ’ 5 + 75
Deal is made, expert not invited realized value βˆ’ negotiated amount + 75
No deal, expert invited 70
No deal, expert not invited 75

Lab points are converted according to the following rate: 100 lab points = 0.60 CAD

Now that you have completed the instructions and the practice questions, you will participate in one demonstration round of the game. This round is for practice purposes only and will not affect your payment. After the practice round, the group of three will be entirely reformed for the purpose of the 20 rounds of play. Over these 20 rounds of play, the buyer and the expert stay together, while the seller participant is randomly chosen each round.

{% elif role == 'Seller' %}

Your Role: Seller

You are the seller in this experiment, and you will remain in this role for all 20 rounds.
In each round, you are matched with a buyer and an expert.
The buyer–expert pair remains fixed for all 20 rounds, but you are randomly rematched each round.

Bargaining (90 seconds)

You negotiate with the buyer using a slider.
Your slider is red; the buyer's slider is blue.

πŸ‘‰ Moving your slider to the left means you are willing to accept a lower amount from the buyer.
πŸ‘‰ If your position meets or is crossed by the buyer's position, a deal is made.

Expert Appraisal (First 45 seconds only)

During the first 45 seconds, the buyer may choose to invite the expert.

If the buyer invites the expert:

If the buyer does not invite the expert:

πŸ‘‰ After 45 seconds, the expert can no longer be invited.

Important Notes

You do not pay for the expert β€” only the buyer does
You will see the appraisal only if the buyer invites the expert
At the end of the round, the value is revealed to you
The value is always drawn from the 10-point range observed by the expert

Payment

Here is how your payment is determined.

At the end of the experiment, your total payment will consist of three components:

1. Show-Up Fee
You will receive a fixed $3.00 show-up payment for participating.

2. Knowledge-Check Bonus
You can earn an additional $0.30 bonus/question if you answer all knowledge-check questions correctly on your first attempt.

3. Payoff from the experiment
You will also earn money based on your decisions and the outcomes in the experiment.

You will play 20 rounds of the game, and your total payment will be based on your accumulated earnings across all rounds. Payments from each round are based on the payoff table presented earlier. Here is the seller-only information for your convenience:

If a deal is made, the seller's payoff is simply the negotiated amount, which they receive from the buyer.
Seller's payoff = Amount received from the buyer.

If a deal is NOT made, the seller's payoff is simply the value of the product minus a constant of 100.

Lab points are converted according to the following rate: 100 lab points = 0.60 CAD

Now that you have completed the instructions and the practice questions, you will participate in one demonstration round of the game. This round is for practice purposes only and will not affect your payment. After the practice round, the group of three will be entirely reformed for the purpose of the 20 rounds of play. Over these 20 rounds of play, the buyer and the expert stay together, while the seller participant is randomly chosen each round.

{% elif role == 'Appraiser' %}

Your Role: Expert

You are the expert in this experiment, and you will remain in this role for all 20 rounds.
You are paired with the same buyer for all 20 rounds.
In each round, the seller is randomly rematched.

While the buyer and seller are negotiating, you will see a narrow range of 10 numbers.
This range contains the true value of the product.

πŸ‘‰ Based on this information, you must submit an appraisal between 100 and 400.
πŸ‘‰ You are not restricted to the 10-number range you observe β€” you may report any number between 100 and 400.

After you submit your appraisal, the buyer decides whether to invite you.

If the buyer invites you:

If the buyer does not invite you:

πŸ‘‰ Important: you are paid only if the buyer invites you

You do not see any offers or negotiations between the buyer and seller
You do not see the final realized value; however, the true value is always drawn from the 10-point range you observed
We inform you at the end of every round whether you have been invited or not

Payment

Here is how your payment is determined.

At the end of the experiment, your total payment will consist of three components:

1. Show-Up Fee
You will receive a fixed $3.00 show-up payment for participating.

2. Knowledge-Check Bonus
You can earn an additional $0.30 bonus/question if you answer all knowledge-check questions correctly on your first attempt.

3. Payoff from the experiment
You will also earn money based on your decisions and the outcomes in the experiment.

You will play 20 rounds of the game, and your total payment will be based on your accumulated earnings across all rounds. Each time the buyer invites you to give an appraisal, you earn 5 lab points for that round. Otherwise, you earn 0 for that round.

Lab points are converted according to the following rate: 5 lab points = 1.25 CAD

Now that you have completed the instructions and the practice questions, you will participate in one demonstration round of the game. This round is for practice purposes only and will not affect your payment. After the practice round, the group of three will be entirely reformed for the purpose of the 20 rounds of play. Over these 20 rounds of play, the buyer and the expert stay together, while the seller participant is randomly chosen each round.

{% endif %}
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