It is safe to infer that students from Harvard Business School are more sophisticated, educated, and well off financially than students from other colleges or people employed in workforce. The insignificant amount of the payoff may cause the students to have less incentive in making honest and truthful decisions. If students were to make choices based on strategy and how they think other players are going to play the game, competitive effect where people strive for the highest payoff may take over instead of focusing on last place aversion
It is safe to infer that students from Harvard Business School are more sophisticated, educated, and well off financially than students from other colleges or people employed in workforce. The insignificant amount of the payoff may cause the students to have less incentive in making honest and truthful decisions. If students were to make choices based on strategy and how they think other players are going to play the game, competitive effect where people strive for the highest payoff may take over instead of focusing on last place aversion