<h1 align=center>Welcome!</h1>
<p class='big'>
Thank you for taking part in our experiment.<br>
This experiment comprises three sections. At the end of the first section you will be notified that you have completed the first section and the program will
 automatically proceed to the second section. There will be a two-minute break before the start of the second section, but you are requested to remain seated during the break.
 There will be a similar break between the second and the third section.
Each section will consist of 8 questions which will require you
to state your preference between bets on given probabilities
and bets on the stock index. </p> <p class='big'> In each
question you will be presented with two options of the
following type:<br> <b>Option 1 (ST_IND option):</b> You win
20 if the ST_IND (Amsterdam stock exchange index) either
decreases by less than 0.3% or increases by less than 0.2%
today between T_START and T_END,
and you win nothing otherwise.<br> <b>Option 2 (given probability
option):</b> You win 20 with p% probability and nothing
otherwise. </p> <p class='big'> In all questions, as in the
above example, you will be offered the chance to win 20 .</p>
<p class='big'> You will be asked to state which one of these
two options you prefer for various values p, from 0 to 100.<br>
Let us illustrate it with the example given above for some
values of p:<br> If p = 100, you will most likely prefer
Option 2 because you are then guaranteed to win 20 .<br> If p = 0,
then you will most likely prefer Option 1, as you might win something, as opposed to Option 2, where there
is no chance of you to win at all. </p>

<p class='big'>
The experiment page will look similar to the figure below.</p>
<p align=center>
<img src=graphs/example.png width=950><br>
</p>

<p class='big'>&nbsp;<br>As you can see in the figure, on the left you will have a description of Option 1, along with a simple graph to help you understand the bet better.<br> On the right hand side
 Option 2 will be presented with ascending p values.
 For each value of p you are asked to state your preference between the ST_IND option and the given probability option by clicking on the respective option button.
</p>
<p class='big'>
Note that if you prefer the ST_IND option when, for instance, the given probability option offers you 40% chance of winning
  (that is p = 40), then when  the given probability option offers an even lower chance of winning, say 25% (p = 25), then
 you should  again choose the ST_IND option over the given probability option. Similarly, imagine that you like the given probability option better than the ST_IND option
when p = 60. Then, when the given probability option offers an even better chance of winning, say p = 70, then it is expected that you
 still prefer the given probability option to the ST_IND option. </p>
<p class='big'><b><i>
If you do not agree with or understand this principle please call one of the experimenters now.
</i></b></p>
<p class='big'>
Accordingly, you will notice that in the figure above there is only a single switch from 45% to 50%.  For every value of p from 0 until 45% Option 1 is chosen, and for all values of p from 50% up, Option 2
 has been selected. To save you the trouble of clicking on the option button for each value of p, the program has been designed to work with a single click.<br>
 <b>You can click on Option 2 for the probability such that, for that probability and all better (higher) probabilities, you prefer Option 2, and for all worse (lower) probabilities you prefer Option 1.
 Similarly, you can also click on Option 1 for the probability such that, for that probability and all worse (lower) probabilities, you prefer Option 1, and for all better (higher) probabilities you prefer Option 2.
 <br>The computer will then automatically indicate all of your choices.</b><br>
 For example, in the figure above, the subject has only clicked on the option button for the p value 50%, and  then all the option boxes for the other values of p
 have been automatically filled by out the program itself. </p>
<p class='big'> You can change your choices as many times as
you want. However, once you have made your
 final decision and clicked on the appropriate option box, you will need to click the Submit button to register your choices and move on to the next question.
<br> You will not be allowed to go
back to a question once you have clicked on the Submit
button. </p> <p class='big'> When you click Next, you will be
presented with two sample questions. As you will notice, the list of values for p (in Option 2)
will not be the same for the two questions.<br> The sample questions allow you to familiarize yourself
with the interface of the experiment.
