2.1.2 Experimental procedures. Eigh

2.1.2 Experimental procedures. Eight sessions were conducted at the CentERlab facility at Tilburg University, in the Netherlands, between April 2013 and 2014. In seven of the eight sessions, there were ten sequential rounds of two-period markets[11]. The number of participants ranged from eight to fourteen per session, but always with an even number. Participants were students from variety of majors, who had no prior experience with this experiment. Trade was denominated in an experimental currency called francs. Subjects were paid by bank transfer in euro after the session. The exchange rate was 2,200 francs ¼ 1 euro. The duration of sessions averaged about 2 hours and 20 minutes (including instruction and a short questionnaire). Average earnings were approximately 20 euro (about $ 26.68 at that time). The training period itself lasted about 45 minutes, including two trial market periods.

Each period lasted for 180 seconds, during which subjects were free to buy and sell both types of asset. Asset A and B were traded in separate markets, which were just a mouse-click away from each other. At the end of each period, a feedback screen was shown to all participants. In the first period of each round, the feedback screen informed the subjects of which asset would be shocked in the second period, together with dividend payment for the period, their current holdings of each asset, and their cash balance. Insiders were informed about the relationship between the shocked asset and the other asset. After the second period had elapsed, subjects learned whether there were insiders in the market, the relationship between the two assets, and their earnings for the round. A subject’s earnings for a round were equal to her earnings from dividends, plus the proceeds from her sales, minus her expenditures on purchasing assets.

Results (Indonesian) 2:

2.1.2 prosedur eksperimental. Delapan sesi dilakukan di fasilitas CentERlab di Tilburg University, di Belanda, antara April 2013 dan 2014. Dalam tujuh dari delapan sesi, ada sepuluh putaran berurutan dari dua periode pasar [11]. Jumlah peserta berkisar 8-14 per sesi, tetapi selalu dengan genap. Peserta adalah mahasiswa dari berbagai jurusan, yang tidak memiliki pengalaman sebelumnya dengan percobaan ini. Perdagangan dalam mata uang mata uang percobaan yang disebut franc. Subyek dibayar melalui transfer bank di euro setelah sesi. Nilai tukar adalah 2.200 franc ¼ € 1. Durasi sesi rata-rata sekitar 2 jam dan 20 menit (termasuk instruksi dan kuesioner singkat). Rata-rata penghasilan adalah sekitar € 20 (sekitar $ 26,68 pada waktu itu). Periode pelatihan itu sendiri berlangsung sekitar 45 menit, termasuk dua periode pasar percobaan. Setiap periode berlangsung selama 180 detik, di mana subyek bebas untuk membeli dan menjual kedua jenis aset. Aset A dan B yang diperdagangkan di pasar yang terpisah, yang hanya mouse klik-jauh dari satu sama lain. Pada akhir setiap periode, layar umpan balik ditunjukkan untuk semua peserta. Pada periode pertama dari setiap putaran, layar umpan balik informasi subyek yang aset akan terkejut pada periode kedua, bersama-sama dengan pembayaran dividen untuk periode, kepemilikan mereka saat ini masing-masing aset, dan saldo kas mereka. Insiders diberitahu tentang hubungan antara aset terkejut dan aset lainnya. Setelah periode kedua telah berlalu, pelajaran belajar apakah ada orang dalam di pasar, hubungan antara dua aset, dan pendapatan mereka untuk putaran. Laba A subjek untuk putaran yang sama dengan penghasilannya dari dividen, ditambah hasil penjualan nya, dikurangi pengeluaran-nya pada aset pembelian.