For the randomization procedures, two bingo cages were used in each session, one containing 100 balls, and the other containing 3 to 11 balls, depending on the number of decision rows in the iMPL used in different treatments. We found two bingo cages to be the most transparent and convenient way to generate random outcomes in the experiments.To begin the sessions, subjects were welcomed and reminded that they were to be paid 500 DKK for their participation to cover travel costs as long as they were able to stay for the full two hours required for the experiment. Anyone who was not able to stay for the full two hours was paid 100 DKK and excused from the experiment. The experimenters then asked for a volunteer to inspect and verify the bingo cages and number of bingo balls.Instructions for the experiment were provided on the computer screens, and subjects read through the instructions while the experimenter read them aloud. The experimenters followed the same script for each session; this script is reproduced in the appendix. A complete listing of the screen displays and instructions seen by subjects is also available.40The experiment was conducted in four parts. Part I consisted of a questionnaire collecting subjects’ socio-demographic characteristics. Part IV consisted of another questionnaire which elicits information on the subject’s financial market instruments, and probes the subject for information on their expectations about their future economic conditions and their own future financial position.The questionnaires are rather long, so we chose to divide them across Parts I and IV in order to reduce subject fatigue and boredom. Both questionnaires are reproduced in an appendix.
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