Welcome and thanks for participating!

You will receive:

€10 for 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.

Explanation of the Experiment

We have 90 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.

2Envelopes

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.

3

Type X

Option 1: ……Option 2: ……

How you give instructions to us4

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!

The options5

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 on

whether the change of AEX (Dutch stock index)

during the experiment is in some specified interval.

Explained more next.

Probability-contingent money:

6

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%.

AEX-contingent money:7

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.

Verification8

At end of experiment:

you get a list describing the contents of all envelopes.

You will then check that our description of your

numbered envelope was truthful.

You can then also check that the list contains the

options for the 9 tasks as we said.

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

Now the experiment can begin.