Question

In the lab experiments, researchers design Institution or "rules of the game'' to investigate certain patterns of behaviour of randomly chosen human participants, given their preferences and endowment. The "institution'' should at least have the following elements:

	a.	It should clearly state the feasible actions that a participant can take, sequence of the actions, and information conditions AND how they should play the experimental game to ensure maximum monetary return from the experiment.
	b.	It should clearly state the feasible actions that a participant can take, sequence of the actions, and information conditions.
	c.	It should clearly state the feasible actions that a participant can take, sequence of the actions, and information conditions AND demographic information of all participants in the lab.
	d.	It should clearly state the feasible actions that a participant can take, sequence of the actions, and information conditions AND demographic information of all participants in the lab AND how they should play the experimental game to ensure maximum monetary return from the experiment.
	e.	It does not matter.

Answer 1

b. It should clearly state the feasible actions that a participant can take, sequence of the actions, and information conditions.

The information on how they should play the experimental game to ensure maximum monetary return from the experiment should not be revealed as the results will have no relevance then as it is to see their behavior in this particular game. Similarly the information on demography should also not be revealed as this will also influence their unbiased behavior.