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Instructions

You are now taking part in an scientific study. Please read the following instructions carefully. Everything that you need to know in order to participate in this experiment is explained below. Should you have any difficulties in understanding these instructions, please notify us. We will answer your questions at your cubicle. During the course of the experiment you can earn money. The amount that you earn during the experiment depends on your decisions. All the gains that you make during the course of the experiment will be exchanged into cash at the end of the experiment.

The exchange rate will be: 100 thaler = 1 €

The experiment is divided into 20 periods. In each period you have to make decisions, which you will enter on a computer screen. The decisions you make and the amount of money you earn will not be made known to the other participants - only you will know them. At the end of the experiment, you will be requested to respond to survey questions. Please note that communication between participants is strictly prohibited during the study. Communication between participants and unnecessary interference with computers will lead to the exclusion from the study. In case you have any questions don’t hesitate to ask us.