**3.2 Treatment and session description**

A sole treatment of Morris and Shin [1] (hereafter MS) is implemented for this exercise. The treatment consists of 2 stages. Each stage comprises 8 periods (The stages differ only by the amount allocated to the choice of a safe action A). In each period and for each of the 10 situations, 3 participants have to decide between a safe *Central Bank Transparency and Speculative Attacks: An Overview and Insights from… DOI: http://dx.doi.org/10.5772/intechopen.107247*

action A that generates a fixed gain (T = 20 in stage 1 and T = 50 in stage 2) and a risky action B whose payoff depends on two factors: The value of the true state Y and the choice of the participants playing in a game session. This game is repeated twice (Sessions 1–2). For sessions 35, the participants undergo the same game but we reverse the stages' order: in stage 1, T = 50, and in stage 2, T = 20 (cf. **Table 1**).

#### **3.3 Procedural considerations**

The experiment was carried out at the Higher Institute of Management of Tunis. The simulations were run using R.2.0.6 software. The 15 subjects who participated in this experiment were split into 5 groups (N = 5). Five sessions were devoted to one treatment of MS, producing a total of five independent observations per treatment.

Subjects are inexperienced students from the unit of applied and quantitative analysis (UAQUAP) switched to the social and economic policy analysis laboratory (SEPAL) and from the laboratory of operational research, decision and process control (LARODEC), both located at the Higher Institute of Management in Tunisia. Sessions lasted about one hour and a half. In each period and for each of the 10 situations, subjects have to make a decision on the true state Y given the signals.

The procedure was kept the same throughout the experiment. Three subjects were seated apart so communication was not possible. The same group of three individuals played for 16 periods. At each individual's place, there was an instruction sheet, one response table and a piece of scrap paper on which subjects can take notes about their choices after each decision and information phase. Instructions (given in detail in Appendix A) were distributed in written form (in French) to the subjects and were read out loud before the beginning of each session. It was made sure that these instructions were well understood. Subjects were asked to raise their hands if they had any questions, and answers were given privately by the experimenter (See Appendix B for details and **Table 2** for an example). To make sure that players understand the game rules, a quiz was distributed to the participants at the beginning of each session.<sup>3</sup>
