Your Task

This survey has {{ C.NUM_PAYMENT_ROUNDS }} rounds.
Every round, you and other participants (1) make a choice and (2) guess the choices of other participants. Your choice and guess will determine how likely you are to get a bonus of {{ player.session.config.currency_symbol }}{{ player.session.config.bonus | to2 }}.
At the end of the survey, you will be paid the participation fee of {{ player.session.config.currency_symbol }}{{ player.session.config.participation_fee | to2 }} and one round will be chosen randomly to determine your chance of getting the bonus.

Every round, you and other participants choose between investing and not investing on an asset. The asset value corresponds to a given number of points.
Everyone is assigned some baseline points. Each participant's baseline points are a random number between 0 and 100, all equally likely.

• If you do not to invest, you keep the baseline points you were assigned.
• If you invest, you get a share of the asset's value equal to the share of other participants who decided not to invest.

Your choices across rounds are independent and not related.
The baseline points and the asset's value vary each round.

Examples:

The asset is worth 50 and your baseline points are 38.4.

• If you do not invest, you get your baseline points, 38.4 points.
• If you invest, but no one else does, you get the asset's value, 50 points.
• If you invest and 90% of the other participants invest as well, you get only 10% of the asset's value, that is 5 points.

In addition, we will ask you what you believe other participants will do. The more accurate your guess is, the more likely you are to get the bonus.

Bonus Payment Rule

Your choice and guess will determine how likely you are to get the bonus. The payment rule is designed so that (1) you choose to maximise what your points given how likely you think others are to invest or not; (2) you tell us what you believe the probability is that your opponent chooses each action.
To ensure this, your payment from guesses is determined as follows:

• At the end of the study, one round will be randomly selected, and either your choice or your guess is chosen to determine payment, both equally likely.
• If your choice is selected for payment, then the probability you get the bonus equals the number of points you got from your choice, as described above.
• If your guess is selected for payment, we draw two random choices according to your guess. You get 50 points for each choice that matches the choice of another randomly selected participant. In addition, you get 50 points if the two drawn choices are different. The probability you get the bonus equals the resulting total number of points.

Practice Rounds

In order to get familiarised with the task, you will begin with {{ C.NUM_PRACTICE_ROUNDS }} practice rounds. The practice rounds do not count toward your chance of getting the bonus.
There is also a brief questionnaire at the end.