Welcome to the Study! Please read the following instructions carefully.

Each round has two questions. First, you will be given the option to find out the outcome of one of the two coins. The first question will ask you which coin (the fair or the biased) you'd like to reveal.

Once you choose the coin, the outcome will be revealed to you on the next page. After that, you will be asked to guess the outcome of both coins.

Each coin is "worth" $1. If you guessed correctly in the second question, you will receive $2, $1 for guessing each coin correctly. If not, you will receive $0. You must guess the outcome of both coins correctly to receive the payment. Guessing only one of the two coins correctly is not enough.

You will not see how much you have earned immediately; your earnings will be revealed only at the end of the 10 rounds.

This process will continue for 10 rounds. The experiment will end after you complete all 10 rounds.

If you complete the experiment, you will be paid the base reimbursement of $5, plus any earnings you made during the experiment.