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<div class="card bg-light instructions">
    <div class="card-body">

    <h2>
        Instructions
    </h2>

        <p>
           You are about to play 5 additional rounds. The decision environment and instructions for the next 5 rounds are
            the same as the first 5 rounds. You will again have access to these instructions during the experiment, and
            may re-visit any portion that will help you in your decisions.  Although these instructions are identical
            to those you received earlier, please take a moment to re-read them before
            proceeding.
        </p>


 <h4>
     Description of Decision Environment:
 </h4>
        <p>
          You will play 5 rounds of an investment game. Each round is a new game - you will make 5 separate decisions
            to Hold or Sell one share of a risky asset. Your decisions in these games will not affect other people.
            In each round you will see several screens that will be described later in these instructions. Your
            decisions in these rounds will affect your payment for the experiment. After these 5 rounds you will
            receive new instructions.
        </p>

<h4>
   Description of Decision Task:
</h4>

    <p>
       In each round you will be given a share of a risky asset. Your decision is to Sell the share at the current
        (10<sup>th</sup>) price or Hold the share for one more period. If you Hold the share, your payment will be
        determined by the last (11<sup>th</sup>) price. You will see the 10<sup>th</sup> price and other prices before your
        decision to Hold or Sell. You may use these prices to help you decide to Sell or Hold. <i>Note that you will know
        the current price when you make your decision, but you will not know the final price.</i>
    </p>
<h4>
    Structure of the Market:
</h4>
    <p>
        The following is the order you’ll see the market screens:
        <ol>
        <li>
            Price information screen
        </li>
        <li>
            Questionnaire screen
        </li>
        <li>
            Decision screen
        </li>
        <li>
            Results screen
        </li>
    </ol>
    </p>

    <p>
        Price information screen:
    </p>
    <p>
        There is a particular process that determines the prices in each sequence. The price information screen allows
        you to possibly learn something about the process for the round. The process used to determine the prices in
        the information screen is the same as the process in the decision screen. (The decision screen is described
        below.) The price information screen occurs before the price decision screen. In the price information screen,
        you will see a graph with 10 prices. You may hover over points to see the price. You will not be asked to do
        anything during this screen. You will simply see a graph with 10 prices. Once you leave this screen, you cannot
        go back to it.
    </p>

    <p>
        Questionnaire screen:
    </p>

    <p>
        Following the price information screen, you will answer a few questions on the questionnaire screen. You will
        answer each question using a scale from “Completely disagree” to “Completely agree” by clicking the
        corresponding button. Once you have answered all the questions on this screen, click the “Next” button, and the
        next screen will load. Once you have clicked the “Next” button, you cannot go back to change your answers. Your
        answers to these questions will not affect your payment.
    </p>

    <p>
        Decision screen:
    </p>
    <p>
        Following the questionnaire screen, you will see the decision screen.  The prices in the decision screen are
        determined using the same process as the information screen. The decision screen is where you decide to Hold or
        Sell the share. The 2<sup>nd</sup> through the 9<sup>th</sup> price are randomly selected but are not displayed.
        However, on the decision screen, you will be able to see the 1<sup>st</sup> and the 10<sup>th</sup> price
        of a sequence. You may hover over the points to see the prices. You will then decide whether to Sell or Hold
        the share. If you Sell the share, your payment for that price series is the 10<sup>th</sup> price.
        If you Hold the share, your payment for that price series is the 11<sup>th</sup> price. Once you have clicked
        the “Next” button, you cannot go back and change your decision.
    </p>
    <p>
        Results screen:
    </p>
    <p>
        Following the price decision screen, you will see the results screen. On this screen, you will be told the
        final (11<sup>th</sup>) price of that price series, the price at which you sold the risky asset, your payoff
        for the round, and your payoff for the experiment so far. You will also be reminded of the 1<sup>st</sup> and
        10<sup>th</sup> price.
    </p>

    <p>
        You will see this sequence of screens a total 5 times. After the 5<sup>th</sup> time of seeing the results
        screen, you will be given new instructions.
    </p>
<h4>
    How the share prices change:
</h4>
    <p>
        <i>First price:</i>
    </p>
    <p>
       The first price is randomly selected from 50 to 60, with all prices in that range having an equal chance of
        being selected.
    </p>
    <p>
        <i>Prices after the first price:</i>
    </p>
    <p>
        There will be 10 prices after the first price. These prices are determined by randomly choosing how price
        changes.  There are two components to how price changes: 1. Direction (whether price increases or decreases)
        and 2. Size (how much the price changes by).
    </p>

    <p>
        First Component: Direction of price change:
    </p>

    <p>
       Price can either increase or decrease. For a given round, there’s a constant chance the price increases or
        decreases. There are two possible scenarios:

        <div class="a">
        <p>
        A The price increases with 45% chance and decreases with 55%
        chance.
    </p>
        <p>
            B. The price increases with 55% chance and decreases with 45% chance.
        </p>



    </div>
    <p>These two scenarios happen with
        equal chance, like flipping a coin.
        </p>
    </p>

    <p>
        Second Component: Size of price change:
    </p>

    <p>
       There are three possible sizes of change: 1, 3, and 5. For a given round, the chance of each of these sizes
        happening is constant. It will be the case that one of these sizes happens with 50% chance, with the other two
        splitting the remaining 50% evenly (so that they get 25% each). As such, there are three possible scenarios:
    </p>
    <p>
        <ol>
        <li>
            A change of 1 with 50% chance, 3 with 25%, and 5 with 25%
        </li>
        <li>
            A change of 3 with 50% chance, 1 with 25%, and 5 with 25%
        </li>
        <li>
            A change of 5 with 50% chance, 1 with 25%, and 3 with 25%
        </li>
    </ol>
    </p>

    <p>
        Each of these three scenarios has the same chance of being selected (1/3).
    </p>

    <p>
        Total Price Changes: Possible Combinations of Direction and Size:
    </p>

    <p>
        Each price sequence has a direction and size component. There are 6 possibilities for the process that
        determines how price changes – one process for every combination of direction and size components. Within a
        round, the process that determines how price changes is the same. For each round, the process is chosen with
        equal chance, like rolling a six-sided dice.
    </p>

    <p>
        <b>
            The process is independently selected for each round. Prices from earlier rounds have nothing to do with
            prices in the current round. Prices in the current round have nothing to do with prices in later rounds.
            For example, the prices drawn in round 2 will not depend on the prices drawn in round 1.
        </b>
    </p>

    <p>
        The 6 possible processes are the following:
    </p>
<div class="a">
    <p>
       A1. Price goes up with 45% chance and down with 55% chance. The price changes by 1 unit with 50% chance, 3 units
        with 25% chance, and 5 units with 25% chance.
    </p>

    <p>
        A2. Price goes up with 45% chance and down with 55% chance. The price changes by 1 unit with 25% chance, 3
        units with 50% chance, and 5 units with 25% chance.
    </p>

    <p>
        A3. Price goes up with 45% chance and down with 55% chance. The price changes by 1 unit with 25% chance, 3
        units with 25% chance, and 5 units with 50% chance.
    </p>

    <p>
        B1. Price goes up with 55% chance and down with 45% chance. The price changes by 1 unit with 50% chance, 3
        units with 25% chance, and 5 units with 25% chance.
    </p>

    <p>
        B2. Price goes up with 55% chance and down with 45% chance. The price changes by 1 unit with 25% chance, 3
        units with 50% chance, and 5 units with 25% chance.
    </p>

    <p>
        B3. Price goes up with 55% chance and down with 45% chance. The price changes by 1 unit with 25% chance, 3
        units with 25% chance, and 5 units with 50% chance.
    </p>
    </div>
    <p>
        <i>Example of possible price changes:</i>
    </p>

    <p>
        Suppose the first price is randomly selected to be 55. Then one of the following will happen to determine the
        second price:
    </p>
<p>
    <ol>
    <li>
        The price will decrease by 1 and the second price will therefore be 54
    </li>
    <li>
        The price will decrease by 3 and the second price will therefore be 52
    </li>
    <li>
        The price will decrease by 5 and the second price will therefore be 50
    </li>
    <li>
        The price will increase by 1 and the second price will therefore be 56
    </li>
    <li>
        The price will increase by 3 and the second price will therefore be 58
    </li>
    <li>
        The price will increase by 5 and the second price will therefore be 60
    </li>

</ol>

</p>
    <p>
        The process that is randomly selected (A1, A2, A,3, B1, B2, or B3) determines the probabilities of these happening.
    </p>

    <p>
        <b>Prices and price changes across rounds are independent. You should not use prices from previous rounds to
            make any decisions for the current round. Recall that prices drawn in each round are independent of prices
            from other rounds. Therefore, you should only use prices from the current round to make any decisions in
            the current round.
        </b>
    </p>

<h4>Feedback you will receive:</h4>

   <p>
       At the end of every round, you will receive the following information on the Results screen:
   </p>

   <p>
       <ol>
        <li>
            The 1<sup>st</sup> price of that round's Decision Screen prices
        </li>
        <li>
            The 10<sup>th</sup> price of that round's Decision Screen prices
        </li>
        <li>
           The final (11<sup>th</sup>) price of that round’s Decision Screen prices
        </li>
        <li>
            The price at which you sold the risky asset
        </li>
        <li>
            Your earnings for that round
        </li>
        <li>
            Your total earnings so far for the experiment (not including the participation fee)
        </li>
    </ol>
   </p>

<h4>Earnings and payment:</h4>
    <p>
        Your earnings for this portion of the experiment will be the sum of your earnings for every round.
        Your answers in the questionnaires do not affect your payment. You will be given more
        opportunities to earn money after these 5 rounds.
    </p>

<h4>Summary:</h4>

   <p>
      You will be making 5 investing decisions. In each round, you will see randomly drawn prices on the Price
       Information screen that you may use to make an investing decision. You will make your investing decision on the
       Decision Screen with a separate sequence of prices randomly generated from the same process. You should
       consider each round separately. After these 5 rounds, you will receive further instructions.
   </p>
</div>
</div>