The authors thank Chloe Tergiman, Ran Shorrer, Kai Baron, Kalyan Chatterjee, Nino Doghonadze, Daniel Grodzicki, Peter Newberry, Nikoloz Pkhakadze, Daniela Puzzello, and Karl Schurter for their helpful comments. This paper benefited from comments from conference participants at the 2019 CESifo Area Conference on Behavioral Economics and seminar participants at Indiana University, Penn State University, the University of Pittsburgh, and the University of San Francisco. The authors also thank anonymous reviewers and the editor for their careful reading of the paper and their insightful comments and suggestions. The views and opinions expressed in this paper are those of the authors and do not necessarily reflect the views and opinions of AlixPartners LLP.