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{% load otree_tags %}

{% block title %}Instructions (Part 1){% endblock %}

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	<p>
        Thank you for participating in this experiment! For participation in this experiment, you will receive a participation fee of €2 or 1 credit. In addition to the basic fee for participating in the experiment, 
        you will participate in a group task in which you can earn extra money. In the group task you can earn hundreds of valuable points. Each point you earn in the group task is worth 1 eurocent, and will be exchanged for real money at the end of the experimental session.
        This group task consists of three Sellers and one Buyer. You are one of the three Sellers, just like two other research participants 
        who are also present in the lab right now. The experimenter will play the role of the Buyer. The role of the task are as follows:
    </p>
    <p>  
        As a Seller, you have three lottery tickets in your possession. The same goes for the other two Sellers, who also have 
        three lottery tickets in their possession. These lottery tickets are valuable, as each lottery ticket can yield a
        prize of 2000 points (=  €20). The chance that a specific lottery ticket will yield a prize is 1 out of 36.
        The lottery will be carried out at the end of the experimental session, after 
        which you hear whether you have won a prize or not.
        So, the more lottery tickets you have, the higher the chance of winning a prize of €20. Of course, 
        there is also a considerable chance that your lottery tickets do not yield any prize at all, and that you will end up with 
        zero euros in the lottery (a chance of 35 out of 36 for each ticket). Therefore, you can also sell your tickets to the Buyer (= the experimenter). Of course, if you sell your tickets you can not participate in the lottery.
    </p>
    <p>
        In the group task, you have the possibility to sell your lottery tickets to the Buyer. The group task consists of three rounds. In each of these rounds you can sell one lottery ticket to the Buyer.
         Whether you will sell your tickets to the Buyer depends not only on your own asking price but
         also on the asking prices of two other Sellers and the price the Buyer is willing to pay for the lottery tickets. Namely, if the price the Buyer is willing to pay for all three tickets together 
         is equal to or higher than the sum of all prices the three Sellers ask for the lottery tickets, the Buyer will buy the tickets for the asking prices. However, if the Sellers together ask more than the 
         price the Buyer is willing to pay for the three tickets together, no deal is made, and all Sellers will keep their lottery tickets.
    </p>

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