There were a total of three rounds in the task: the first two were hypothetical and the last was the actual round. A pen and a picture frame were used in the hypothetical situations, and a coffee mug was used for the actual situation. Only the actual round had a real payoff, either the mug or the cash value of the fixed offer. On the third round when each subject has determined their offer they wrote it on an index card and place it inside an envelope (both items were provided) along with the amount of the WTA or WTP
