The authors thank Siddhartha Bandyopadhyay, Soo Hong Chew, Lorenz Goette, Rebecca McDonald, Bin Miao, Kirsten Rohde, Changcheng Song, Peter Wakker, and seminar and conference participants at the Shanghai University of Finance and Economics, Nanyang Technological University, National University of Singapore, 5th Annual Xiamen University International Workshop on Experimental Economics (2014), and 16th Conference on the Foundations on Utility and Risk (FUR) in Rotterdam (2014), Learning, Decision and Bounded Rationality Workshop in Israel (2013) for helpful comments. The authors are listed in alphabetical order.