Summary

• In this experiment you are either an investor or a project manager.
• The experiment consists of eight different rounds.
• In each round, each investor chooses a project manager, who then decides whether to transfer 10 ECU to increase the investor's earnings by 20 ECU, or to keep the 10 ECU.
• Next, these employed managers choose a project that either succeeds or fails with a certain probability.
• For the second and final project in a round, an investor can decide either to stay with the current project and manager, or have a new manager choose a new project.
• For the first project an investor will earn 300 ECU in case of success and 100 ECU in case of failure. The second project can have different earnings.
• A manager earns 200 ECU for the first project, even if not employed. For the second project a manager earns 200 ECU if employed, and 0 ECU if not employed.
• Only one of the eight rounds (with two projects each) will be randomly selected for payment.

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