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

1. Explanation of the Experiment Welcome and thanks for participating! You will receive: €10for participation + a mug + (possibly) a different prize. We give you the mug right now ... The possibly different prize comes from an envelope that you will get.

2. 2 Envelopes We have50 envelopes, numbered 1 to 50. 5 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 different prize.

3. 3 • Each envelope contains two options, indicated by a letter that looks as follows: • You will write instructions, • for each possible content of your envelope (for each money amount), which of the two options you want. • At the end, we will give you what you instructed. Option 1: Keep your mug Option 2: Give up your mug for € ...

4. 4 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. Because we just give you what you write in your instructions: If you write what you want, then you get what you want!

5. 5 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 as we said.

6. 6 Please do not communicate with other participants. Questions at any time: please raise your hand. Experimenters will come. Remember Do not open your envelope. 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.

7. 7 Now the experiment can begin.