The Kelly criterion

Kelly’s investment experiment is a simple but very significant game which shows the problem of randomness and ergodicity. It is an asynchronous study. Students can start the game at any time. Because they can attempt a lot of times the experiment has to be adjusted during each session.

To start the game go to Shared Experiments and copy The Kelly criterion 0.9 [The synchronous investment game]. Create a new session [ + New session ]. On the session’s page, adjust the session name and link (address) of the session). You have and add the address of the new session to two screens in the experiment. It helps students to start a new attempt at the game smoothly.

The first screen. Go to [Edit –> Settings –> Goodbye]. Change the link. Save the changes.

The second screen. Go to [Edit –> Treatments –> second treatment Investments –> The third Point (screen) Decisions 100 ]. Change the link. Save the changes.

Remember you have to have a full link in the code you have to change part of the existing link.

Go to the session page [ Sessions –> Manager ] and Start all. Send the information to students, and give them the link to the session. The session will be open for one month. Collect the data.

The session is constrained to 500 attempts. If needed you can open the next sessions.

When you collect data for each session download the second treatment data [ Session -> Manager -> Results -> Treatment/ Investments -> Download]. The file (results-treatment-2.csv ) save to the folder of the R-project and generates the report(a time-consuming procedure).

You can download R-project here:

The report can look like this:

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