Decision Making Experiment

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 Centre for Energy and Environmental Markets, UNSW.

The activities for today are:

	Activity	Duration
1	Reading of the experimental instructions and getting logged in.	15 minutes
2	Signing of consent forms
3	Familiarisation trading session, to learn how to use the trading screens	10 minutes
4	Experimental Session 1	1 hour

The total time required, including reading instructions and receiving payment at the end of the experiment will be approximately 1.5 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 $5 and a performance fee.

The performance fee is calculated in direct proportion to the experimental dollars in your account at the end of the experiment.

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.

Confidentiality

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 page.

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Last Modified: 18 October 2007