Upon arrival at the first session, participants were required to submit 20 euro in cash – which was explicitly mentioned in
the announcement – and were asked to read and sign a participant consent form (see Appendix C). No one objected to this
procedure. Subsequently, they were asked to draw a table number at random, to take their position in the lab and to fill in
their password from the web questionnaire. Once everybody was seated, the instructions for the first part of the experiment
were distributed and read aloud (see Appendix B). The instructions informed the participants about the investment task and
the particular resolution timing (Immediate or Delayed) and probability (Low probability or High probability) condition they
would be facing. They then had to submit their investment decision with respect to their 20 euro on the computer. Fig. 1:
Order of events in the two timing treatment