The authors thank Lucas Braun for invaluable help with implementing the experiment and Marion Ott for extensive discussions of an early draft. The authors are grateful to participants of the Zentrum für Europäische Wirtschaftsforschung Workshop on Market Design 2018, Maastricht Behavioral Economic Policy Symposium 2018, the Economic Science Association International Meeting 2018, the Economic Science Association Asia/Pacific Meeting 2019, the Tinbergen Institute Workshop on Auctions and Bargaining 2019, the 14th Tinbergen Institute Conference: Bayesian Crowd 2019, the Society for Economic Design Meeting 2019, the INFORMS Annual Meeting 2020, and seminar participants at RWTH Aachen University, University of Bayreuth, Bielefeld University, and University of California Santa Barbara for useful suggestions. The authors are also grateful to the editor, associate editor, and three anonymous referees for in-depth comments that improved the presentation of the material in the paper.