Dear participant,

In this survey, we want to get more insight into your risk preferences.

Therefore, we will ask you to express your preference between two options that differ in their level of riskiness. Specifically, these options have the following structure:

• Option A: You lose some amount of money for sure (e.g., €1000 for sure).
• Option B: You gamble and have some chance to lose more money than in option A (e.g., some chance to lose €2000) but also some chance to lose less money than in Option A (e.g., some chance to lose €0).

In total, you will face ten such choices.

Please imagine as vividly as possible that we would subtract these amounts of money from your personal bank account for real.

On each of the next ten pages, the outcomes and probabilities that are associated with option A and option B will be covered by red boxes. By moving your mouse cursor over the respective boxes, the outcomes and probabilities will be revealed.

Please take your time to carefully consider your options.