Thank you for coming today.
This is a study of individual decision making. You will be paid
cash for your participation in today's experiment.
The amount of money you earn depends on the decisions you make,
so it is important to read and understand these instructions.
The experiment is being conducted by Karel Nolles of the
Securities Industry Research Centre of AsiaPac (Aton).
The total time required, including reading instructions and
receiving payment at the end of the experiment will be
approximately 3 hours.
Payment for this Experiment
All the money that you earn will be awarded to you in cash and
paid to you privately at the end of the experiment.
Your decisions and payoff is private: do not discuss them with
anyone else in the room or during the break.
Your cash payout will comprise a show-up fee of $10 and
a performance fee.
The performance fee is calculated in direct proportion to the
experimental dollars in your account at the end of the
In today's experiment the conversion rate will be determined
at the end of the experiment.
You are free to ask any questions about how you will be paid.
If the experiment terminates early (for example, due to
software problems) then all participants will be paid on the basis
of their experimental dollar balance at the time of termination if
this is determinable. If this cannot be determined, only the
show-up fee will be paid.
You are free to leave the experiment at any time.
However if you leave before the end of the experiment you will
only receive your show-up fee.
Risks, Benefits and Disclaimers
There are no foreseeable risks or discomforts from your
participation in this experiment.
Apart from the cash payment there are no direct personal
benefits for participation.
All data collected will be saved confidentially. No
person-identifiable information will be reported in any published
or un-published work.
When you have read the above, please proceed to the next