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Instructions

This is an experiment in economic decision making. In this experiment you will be asked to
make a number decisions and base on the decisions you make you can earn extra-credit points.

You will be in a group with 7 other people. In this experiment there will be a number of
periods. In each period every participant will choose a number. The number you pick and the
smallest number chosen by any participant, including your choice will determine the payoff you

The numbers you may choose are 1, 2, 3, 4, 5, 6 and 7. You are provided with a table which
tells you the potential payoffs you may receive. Please look at the table now. The earnings in each
period may be found by looking across from the value you choose on the left hand side of the table
and down from the smallest value chosen by any participant from the top of the table. For example if
you choose a 4 and the smallest value chosen is a 3 you earn 8 points that period.

At the beginning of every period each participant will write down on the reporting sheet their
participant number and the number they chosen and hand it in to the experimenter. The smallest
number chose will be publicly announced. Each participant will then calculate his/her earnings for
that period.

If you will now look at your record sheet you will see the following entries. PERIOD,
BALANCE, YOUR CHOICE OF A NUMBER, SMALLEST NUMBER CHOSEN, and YOUR
EARNINGS. In the first period your BALANCE is zero. In the second period your BALANCE is
the value of your earnings in the first period. In the third period your BALANCE is the value of your
BALANCE in the second period plus the value of your earnings in the second period. And so on.
Please keep accurate records throughout the experiment.

All payoffs in this experiment are designated in extra credit points.

To be sure that everyone understands the instructions please fill out the sheet labeled
questions and turn it in to the experimenter. DO NOT PUT YOUR NAME OR PARTICIPANT
NUMBER ON THE QUESTION SHEET. If there are any mistakes on any question sheet the
experimenter will go over the instructions again.

PAYOFF TABLE

SMALLEST NUMBER CHOSEN BY A PARTICIPANT

YOUR CHOICE         7         6             5       4         3       2   1
OF A NUMBER
7             13        11             9       7         5       3   1
6         --        12             10      8         6       4   2
5         --        --             11      9         7       5   3
4         --        --             --     10         8       6   4
3         --        --             --     --         9       7   5
2         --        --             --     --        --       8   6
1         --        --             --     --        --      --   7

QUESTIONS

Please look at your payoff table and fill in the following blanks.

X chosen

4                            2               _____________

2                            2               _____________

5                            5                _____________

6                            4               _____________
RECORD SHEET

SEX M F                       PARTICIPANT #
circle one

|                 |       |        |       |       |     |       |       |       |       |      |      |
|   PERIOD        |   1   |    2   |   3   |   4   | 5   |   6   |   7   |   8   |   9   | 10   |   11 |
|                 |       |        |       |       |     |       |       |       |       |      |      |
|                 |       |        |       |       |     |       |       |       |       |      |      |
|   BALANCE       |   0   |        |       |       |     |       |       |       |       |      |      |
|                 |       |        |       |       |     |       |       |       |       |      |      |
|                 |       |        |       |       |     |       |       |       |       |      |      |
|   YOUR CHOICE   |       |        |       |       |     |       |       |       |       |      |      |
|     OF NUMBER |         |        |       |       |     |       |       |       |       |      |      |
|                 |       |        |       |       |     |       |       |       |       |      |      |
|   SMALLEST      |       |        |       |       |     |       |       |       |       |      |      |
|   NUMBER CHOSEN |       |        |       |       |     |       |       |       |       |      |      |
|                 |       |        |       |       |     |       |       |       |       |      |      |
|   YOUR EARNINGS |       |        |       |       |     |       |       |       |       |      |      |
|                 |       |        |       |       |     |       |       |       |       |      |      |

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