The authors thank the Glimcher Lab at New York University and the Kable Lab at University of Pennsylvania for hosting X. Wang’s visit while working on this project and for helpful comments in the early stages of data analysis. The authors thank participants in the 2019 Sydney Workshop on Experimental Economics and Theory, 2021 Economic Science Association Annual Meeting, the University of New South Wales Behavioural Insights for Business and Policy Luncheon, and the 2020 Society for Neuroeconomics Annual Meeting for valuable discussions. The authors are grateful to Alex Berger, Xinyue Cai, Matthew Elias, Zhenlin Kang, Alex Kiefer, Lexin Liang, Sura Majeed, Adam Teperski, and Olivia Ru for their excellent research assistance. The authors have no conflicts of interest to declare.