Primary Outcomes (explanation)
On 1): The main outcome of this study is the comparison, between treatments, of the number of active traders of the first-moving side for unit 13 in market period 1. We will also compare trading for unit 15 and pooling first and second movers. As an additional test, we will pool all periods. If trading stops earlier, the number of active traders is assumed to be 0 for later units.
On 2) We elicit beliefs for the trading of unit 4, 13, and 15. The main outcome is the belief for the number of active traders in market period 1 for unit 13.