The authors thank Michele Belot, Peter Martinsson, participants in the seminar held at the University of Modena and Reggio Emilia, the IMEBE
2013 meeting in Madrid, the 2013 Firenze Experimental Economics workshop, and the 2014 AEW meeting in Rome for their helpful comments and suggestions on previous versions of this paper.
Wakker, Richard Zeckhauser, and seminar participants at the Decision and Uncertainty Workshop 2007, the ESA World Meeting 2007, FUR 2008, IMEBE
2008, GTS 2008, Colorado State University, the Dutch Central Bank, the University of Innsbruck, the University of Ulm, and the ENABLE symposium 2008 in Amsterdam for helpful suggestions.
We thank Anya Savikhin for valuable research assistance, Tim Cason for comments on an earlier version of the paper as well as seminar participants at the IMEBE
meeting in Alicante, Spain, CapuaLabSi meeting, Italy, ESA meeting in Lyon, France.