This study has been pre-registered in the American Economic Association’s RCT (Randomized Controlled Trial) Registry (RCT ID: AEARCTR-0005020). The authors thank Nicolas Fugger; Evelyn Intan; Felix Kölle; Johannes Mans; Frank Moers; Patrick Schmitz; Marina Schröder; participants of the 2021 annual meeting of the German Association for Experimental Economics in Magdeburg, the 2022 Colloquium on Personnel Economics in Aarhus, the 2022 Maastricht Behavioral Economic Policy Symposium, the 2022 European Economic Science Association meeting in Bologna, the 2022 Meeting of the German Economic Association in Basel, and the 2023 Symposium on the Economic Analysis of the Firm in Paderborn; and seminar participants at the Rotterdam School of Management; the University of Leicester; City, University of London; and Paderborn University for helpful comments and discussions. Moreover, the authors thank Mary Wack and Niklas Wagner for excellent research assistance. Finally, the authors thank the department editor, associate editor, and three anonymous reviewers for their constructive comments, which greatly improved this paper.