Welcome and thanks for participating! You will receive: €10 for participation +

1. Explanation of the Experiment Welcome and thanks for participating! You will receive: €10for participation + additional prize. The additional prize comes from an envelope you will get. This envelope contains two options (possible prizes). You will get one of these two as your additional prize. During the experiment, you will write instructions to us about which one you want. That one we will give you at the end of the experiment. Please: no communication with other participants. There are no right or wrong answers. Please give us instructions according to what you want most yourself. That (what you want) is also what we are interested in, and want to investigate.

2. 2 Envelopes We have90 envelopes, numbered 1 to 90. 9 of you are now asked to check this numbering. With this established:You are all asked to randomly select one of the envelopes. DO NOT OPEN YOUR ENVELOPE! Otherwise you will be disqualified from getting the additional prize.

3. 3 • Each envelope is of a particular type indicated by a letter in the envelope, as follows: • There are 9 different types (= different tasks) of envelopes, 10 of each type. • As said, you will get one of the two options at the end of the experiment. • Your goal is to get the option from your envelope that you like most. Type X Option 1: …… Option 2: ……

4. 4 How you give instructions to us • For several possible contents in your envelope (explained later), • you will write us instructions about which of the two options from your envelope we should give you. • So we just give you what you write. Of course: If you write what you want, then you get what you want!

5. 5 The options • An option in your envelope can be: • a mug: shown to you now. • chocolate: shown to you now. • money amount: you will see later. • probability-contingent money: money amount with some probability. • Explained more next. • AEX-contingent money: money amount contingent onwhether the change of AEX (Dutch stock index) during the experiment is in some specified interval. • Explained more next.

6. 6 Probability-contingent money: • We have two 10-sided dice. • One can take the values: 0, 1, 2, 3, … , 9 • The other can take the values: 00,10, 20, 30, … , 90 • We will throw both dice and add their values, leading to a range of 100 values, from 00 up to 99. • Each value is equally likely. • If the value of the dice <your winning probability %, then you receive the money amount. • Example: • €16 with a probability of 31%: • If the value of the dice < 31, then you win €16 • If the value of the dice  31, then you win nothing • The probability of the prize indeed is 31%.

7. 7 AEX-contingent money: Gives you a money amount if the change (in %) of the AEX-index during the experiment is in some specified interval. We will look at the Dutch news website of RTLZ, which gives real-time results of the AEX index. We take the values at: - 3:00 PM as the starting value, and - 3:30 PM as our closing value. The percentage increase or decrease during this half hour determines the outcome of AEX-contingent money.

8. 8 Verification At end of experiment: you get a list describing the contents of all envelopes. You will then check that our description ofyour numbered envelope was truthful. You can then also check that the list contains the options for the 9 tasks as we said.

9. 9 Questions at any time: please raise your hand. Experimenters will come. Remember There are no right or wrong answers; it is only about what you want. Instructions: If you write what you want, then you get what you want. Do not communicate with other participants. Do not open your envelope.

10. 10 Now the experiment can begin.