### Instructions - Page 1 of 6

• Rounds
The experiment consists of 10 rounds.

• Currency Attacks
You are a currency trader and in each round you have to decide whether or not to attack the currency of a particular country. You are paired with 6 other traders who have to make the same decision. If you decide to attack the currency, your profit depends on how many of the other 6 traders also decide to attack; the more others who attack, the larger your profit. If you decide not to attack, your profit does not depend on the others' decisions.

• Currencies A and B
There are two currencies, called Currency A and Currency B. Your group of 7 traders will trade one currency only in each round and you will be told which of the two currencies it is. If you decide to attack that currency, your profit is the same for both A and B, ranging from £2 to £14, depending on how many of the other 6 traders also decide to attack. If you decide not to attack, your profit is either £5 for A or £11 for B.

• Profit
Your profit in each round is determined by the following table.

Table of Profits