Valuable comments were received from seminar audiences at Carnegie Mellon University, Harvard, Munich, Stanford, and Zurich as well as from conference participants at CESifo Munich, Maastricht Behavioral and Experimental Economics Symposium Maastricht, and Stanford Institute for Theoretical Economics Stanford. This study was approved by the University of Bonn Ethical Committee (no. 156/13). The results of this paper were previously circulated under the working paper “Beliefs and Utility: Experimental Evidence on Preferences for Information” (2017).