To shed light on the process by which these presentation effects arise, we asked participants
during debriefing to recall the terms of the lessee’s lease arrangement. Participants were allowed to
present an open-ended response to this question. All but one participant indicated that the lease had
both fixed and renewal periods, suggesting that the participants extracted enough information to
understand the basic lease arrangement. Thus, there is little evidence that the effect of
disaggregation acts through facilitating an understanding of the contractual lease arrangement.