The author thanks the editor, the associate editor, and three anonymous referees for excellent suggestions that improved the paper considerably. The author thanks Ingar Haaland and Marie Elvik Næss for helpful discussions. The author thanks seminar participants at the Society of Experimental Finance (SEF) 2024 Experimental Finance Conference, the University of Bergen, the Centre for Applied Research at the Norwegian School of Economics, and the Norwegian University of Life Sciences for excellent discussions and comments. IRB approval was obtained from the Norwegian School of Economics. Declarations of interest: none.