The authors thank Andrea Amelio, Peter Andre, Kai Barron, Michèle Belot, Valeria Burdea, Alexander Coutts, Simon Dato, Christoph Drobner, Urs Fischbacher, Tilman Fries, Katrin Gödker, Sebastian Goerg, Pedro Gonzalez Fernandez, Thomas Graeber, Hans-Peter Grüner, Martin Haas, David Huffman, Boon Han Koh, Orestis Kopsacheilis, Spencer Kwon, Giacomo Lanzani, Johannes Maier, Ulrike Malmendier, Pierfrancesco Mei, Friederike Mengel, Zahra Murad, Takeshi Murooka, Frieder Neunhoeffer, Timm Opitz, Davide Pace, Cameron Peng, Marcel Quint, Peter Schwardmann, Frederik Schwerter, Sonja Settele, Alice Soldà, Justin Sydnor, Michael Thaler, Heidi Thysen, Joël van der Weele, Johannes Wohlfart, Yves Le Yaouanq, Sili Zhang, and Florian Zimmermann for helpful comments and suggestions. They are grateful for helpful suggestions from participants of the Kiel-Centre for Economic Policy Research Workshop Behavioral Economics; the Early-Career Behavioral Economics Conference 2025; the Center of Economic Studies (CESifo) Area Conference on Behavioral Economics 2024; the 16th Nordic Conference in Behavioral and Experimental Economics in Copenhagen; the 2024 Meeting of the German Economic Association (Verein für Socialpolitik in Berlin); the 14th International Conference of the French Association of Experimental Economics (ASFEE) in Grenoble 2024; the 16th Maastricht Behavioral and Experimental Economics Symposium in Maastricht 2024; the 39th Annual Meeting of the European Economic Association (EEA) and the 76th European Meeting of the Econometric Society (ESEM) 2024; the 8th International Meeting series on Experimental and Behavioural Economics (IMEBESS) in Riga 2024; the 2023 Economic Science Association (ESA) World Meeting in Lyon; the Society for the Advancement of Behavioral Economics and International Association for Research in Economic Psychology (SABE-IAREP) Conference 2023 in Nice; the Workshop on Narratives, Beliefs, and Memory in Herrsching; the Copenhagen Summer School on Beliefs; and the Interdisciplinary Workshop on Motivated Beliefs in Raitenhaslach. They are also grateful for helpful suggestions from participants of the seminars at Vienna University of Economics and Business, Aarhus University, the University of Amsterdam, the University of Innsbruck, the University of Mannheim, and the University of Paderborn. The authors thank Lara Fernandez Brudny, Haoyan Li, and Paul Pöhlmann for their valuable research assistance. The project was preregistered at https://aspredicted.org/SHS_XD6. Jana Friedrichsen is a Deutsches Institut für Wirtschaftsforschung (DIW) Berlin Fellow and Center for Economic Studies (CESifo) Research Network Fellow. Simeon Schudy is a Germany and Center for Economic Studies (CESifo) Research Network Fellow.