During my time at Uni, I had the opportunity to participate in a couple of school experiments (which gives out a minimum of AUD 10 for participation).
I was fairly impressed with this one, hence the detailed account I wrote on Google Keep on what I was tasked with and the results I got at the end of it, so here goes:
Task 1
You have 50 ECU.
There is equal chances of succeeding or failing an investment. If you succeed, you get triple the amount you invested. If you fail, you get nothing. If you choose not to invest, you get 50 ECU for sure.
-(I INVESTED 15 ECU)
Task 2
Encoding. You can choose to do either activity 1, activity 2, both or neither. Earnings for task 2 will be the sum of the two activities.
In activity 1, you're paired with a random partner. You will get either get prize 1 of 250 ECU or prize 2 of 150 ECU. You can increase your chances of winning prize 1 by encoding more than your partner.
(I encoded 22/23 words)
In activity 2, for each word you encode correctly, you get 1.25 ECU for sure (individual).
(I encoded 24 words = 30 ECU)
Your payment will be based on EITHER task 1 or task 2 chosen randomly by the computer.
EARNINGS: Task 2.
- In activity 1, I got prize 1: 250 ECU
- In activity 2, I got 30 ECU
- Participation Fee: 10 AUD
Conversion Rate: 10 ECU to 1 AUD
Therefore, total earnings: 38 AUD
It was the most I had earned from an experiment, & I must say, it was also the most interesting (& intense) one that I've participated in.
