We used to occasionally get to play games like that for actual money when I was an undergraduate. Every so often, grad students in economics would come around to the undergraduate houses at dinner time to announce that they were looking for volunteers for economic experiments that night.
The experiments would typically take place in the social sciences building, with each participant being put in a separate office (that was one of the reasons they were at night--so there would be offices they could borrow). We'd be given instructions on the game to be played, and the phone numbers of other offices if the game involved communication between the players, and the game would start.
Each player would start with a certain amount of game money, and when the game is over that would be converted to real money and the player kept it.
On average, if I recall correctly, players would make about $20-30 or so each in these games. That doesn't sound like a lot, but for a college student in the '80s that would be enough for several nice meals away from food service, or for 3 or 4 albums at the record store. You'd almost always get at least $10, and sometimes someone would make $75-100.
The experiments would typically take place in the social sciences building, with each participant being put in a separate office (that was one of the reasons they were at night--so there would be offices they could borrow). We'd be given instructions on the game to be played, and the phone numbers of other offices if the game involved communication between the players, and the game would start.
Each player would start with a certain amount of game money, and when the game is over that would be converted to real money and the player kept it.
On average, if I recall correctly, players would make about $20-30 or so each in these games. That doesn't sound like a lot, but for a college student in the '80s that would be enough for several nice meals away from food service, or for 3 or 4 albums at the record store. You'd almost always get at least $10, and sometimes someone would make $75-100.