The authors thank Viola Ackfeld, Philipp Albert, Thomas Dohmen, Lorenz Goette, Ingo Isphording, Sebastian Kube, Pia Pinger, Matthias Sutter, Ulf Zölitz, and numerous seminar and conference audiences for helpful feedback and comments. The authors also thank the schools and students that participated in the experiments. This research was undertaken when all authors were at the University of Bonn. The authors did not obtain institutional review board (IRB) approval for this project because, at the time of the experiment, there was no IRB at the University of Bonn’s department of economics. However, the authors stress that the schools’ headmasters approved the study, written parental consent was required for students to take part in the study, and participation was voluntary. Moreover, the experiment is in line with the requirements of the BonnEconLab. This study is registered in the AEA RCT Registry as AEARCTR-0005562. This paper should not be reported as representing the views of the Federal Ministry for Economic Affairs and Energy. The views expressed are those of the authors and do not necessarily reflect those of the Federal Ministry for Economic Affairs and Energy.