## B.2 Representativity

<table><caption>Table B.2.1: Tobit regressions applying post-stratification weights</caption><thead><tr><th></th><th>Treat:Donation<br>(1)</th><th>Treat:Employment<br>(2)</th><th>Treat:Innovation<br>(3)</th></tr></thead><tbody><tr><td>TD:Donation</td><td>-0.035***<br>(0.008)</td><td></td><td></td></tr><tr><td>TD:Donation × Rich</td><td>0.029***<br>(0.01)</td><td></td><td></td></tr><tr><td>TD:Employment</td><td></td><td>-0.00053<br>(0.006)</td><td></td></tr><tr><td>TD:Employment × Rich</td><td></td><td>0.0054<br>(0.009)</td><td></td></tr><tr><td>TD:Innovation</td><td></td><td></td><td>0.00027<br>(0.008)</td></tr><tr><td>TD:Innovation × Rich</td><td></td><td></td><td>-0.014<br>(0.01)</td></tr><tr><td>Founder</td><td>-0.0034<br>(0.005)</td><td>-0.014**<br>(0.006)</td><td>-0.0035<br>(0.006)</td></tr><tr><td>Founder × Rich</td><td>-0.0030<br>(0.007)</td><td>-0.00062<br>(0.009)</td><td>-0.016<br>(0.01)</td></tr><tr><td>High effort entrepreneur</td><td>-0.021***<br>(0.006)</td><td>-0.026***<br>(0.007)</td><td>-0.025***<br>(0.008)</td></tr><tr><td>High effort entrepreneur × Rich</td><td>0.0048<br>(0.008)</td><td>-0.0013<br>(0.01)</td><td>-0.014<br>(0.01)</td></tr><tr><td>Low effort recipient</td><td>-0.029***<br>(0.006)</td><td>-0.033***<br>(0.009)</td><td>-0.041***<br>(0.009)</td></tr><tr><td>Low effort recipient × Rich</td><td>-0.012<br>(0.01)</td><td>-0.028**<br>(0.01)</td><td>-0.025<br>(0.02)</td></tr><tr><td>Rich</td><td>-0.0093<br>(0.04)</td><td>-0.039<br>(0.04)</td><td>-0.0085<br>(0.05)</td></tr><tr><td>Constant</td><td>0.56***<br>(0.06)</td><td>0.60***<br>(0.07)</td><td>0.78***<br>(0.09)</td></tr><tr><td>Observations</td><td>14288</td><td>9584</td><td>13504</td></tr><tr><td>Pseudo R-squared</td><td>0.023</td><td>0.044</td><td>0.079</td></tr><tr><td>TDE:Donation (Rich)</td><td>-0.006<br>(0.007)</td><td></td><td></td></tr><tr><td>TDE:Employment (Rich)</td><td></td><td>0.005<br>(0.007)</td><td></td></tr><tr><td>TDE:Innovation (Rich)</td><td></td><td></td><td>-0.013*<br>(0.007)</td></tr><tr><td>Founder (Rich)</td><td>-0.006<br>(0.005)</td><td>-0.014**<br>(0.006)</td><td>-0.020**<br>(0.008)</td></tr><tr><td>High effort entrepreneur (Rich)</td><td>-0.017***<br>(0.006)</td><td>-0.028***<br>(0.008)</td><td>-0.038***<br>(0.008)</td></tr><tr><td>Low effort recipient (Rich)</td><td>-0.041***<br>(0.008)</td><td>-0.061***<br>(0.011)</td><td>-0.066***<br>(0.014)</td></tr></tbody></table>

**Notes:** The post-stratification weights are designed to account for differences in gender, age, region of residence, education level, and ideology between our sample of people from the top and bottom of the US income distribution and the relative population. 10 spectators were dropped because they did not answer the ideology question. The dependent variable is the percentage of money transferred from the entrepreneur to the recipient *TDE:Donation* is a dummy = 1 if the entrepreneur donated more than $3,600 in the last 12 months. *TDE:Employment* equals 1 if the entrepreneur's firm has over 1,000 employees. *TDE:Innovation* equals 1 if the entrepreneur's firm obtained over 180 patents. *Founder* is a dummy = 1 if the entrepreneur founded the firm they own. *High effort entrepreneur* equals 1 if the entrepreneur works more than 10 hours daily. *Low effort recipient* equals 1 if the recipient works more than 10 hours daily. *Rich* is a dummy = 1 if the spectator's household income exceeds $150,000. Controls include age, gender, region of residence, education level, political ideology, and a dummy for the order the tables were presented. Standard errors clustered at the individual level in parentheses. * significant at 10%, ** significant at 5%, *** significant at 1%.
## B.3 Bottom 10% vs Top 10%

<table><caption>Table B.3.1: Analysis with bottom and top 10%</caption><thead><tr><th></th><th>Treat:Donation<br>(1)</th><th>Treat:Employment<br>(2)</th><th>Treat:Innovation<br>(3)</th><th>Treat:Pooled<br>(4)</th></tr></thead><tbody><tr><td>TD:Donation</td><td>-0.037***<br>(0.009)</td><td></td><td></td><td>-0.038**<br>(0.02)</td></tr><tr><td>TD:Donation × Rich</td><td>0.037***<br>(0.010)</td><td></td><td></td><td>0.039*<br>(0.02)</td></tr><tr><td>TD:Employment</td><td></td><td>0.0098<br>(0.007)</td><td></td><td>0.012<br>(0.02)</td></tr><tr><td>TD:Employment × Rich</td><td></td><td>-0.0052<br>(0.010)</td><td></td><td>-0.0093<br>(0.03)</td></tr><tr><td>TD:Innovation</td><td></td><td></td><td>-0.023**<br>(0.01)</td><td>-0.024<br>(0.02)</td></tr><tr><td>TD:Innovation × Rich</td><td></td><td></td><td>0.014<br>(0.01)</td><td>0.016<br>(0.03)</td></tr><tr><td>Founder</td><td>-0.0019<br>(0.008)</td><td>-0.0083<br>(0.007)</td><td>-0.00016<br>(0.008)</td><td>-0.0035<br>(0.005)</td></tr><tr><td>Founder × Rich</td><td>-0.0036<br>(0.009)</td><td>0.000086<br>(0.009)</td><td>-0.0072<br>(0.009)</td><td>-0.0035<br>(0.005)</td></tr><tr><td>High effort entrepeneur</td><td>-0.024***<br>(0.008)</td><td>-0.021***<br>(0.008)</td><td>-0.030***<br>(0.01)</td><td>-0.025***<br>(0.005)</td></tr><tr><td>High effort entrepeneur × Rich</td><td>0.015*<br>(0.009)</td><td>-0.00077<br>(0.01)</td><td>-0.0023<br>(0.01)</td><td>0.0045<br>(0.006)</td></tr><tr><td>Low effort recipient</td><td>-0.040***<br>(0.010)</td><td>-0.038***<br>(0.010)</td><td>-0.034***<br>(0.01)</td><td>-0.038***<br>(0.006)</td></tr><tr><td>Low effort recipient × Rich</td><td>0.019*<br>(0.01)</td><td>-0.013<br>(0.01)</td><td>-0.018<br>(0.01)</td><td>-0.0023<br>(0.007)</td></tr><tr><td>Rich</td><td>-0.044<br>(0.04)</td><td>-0.051<br>(0.04)</td><td>-0.032<br>(0.04)</td><td>-0.046*<br>(0.02)</td></tr><tr><td>Constant</td><td>0.60***<br>(0.07)</td><td>0.59***<br>(0.07)</td><td>0.74***<br>(0.07)</td><td>0.65***<br>(0.04)</td></tr><tr><td>Observations</td><td>10336</td><td>7152</td><td>8528</td><td>26016</td></tr><tr><td>Pseudo R-squared</td><td>0.015</td><td>0.035</td><td>0.062</td><td>0.036</td></tr><tr><td>TD:Donation (Rich)</td><td>-0.000<br>(0.005)</td><td></td><td></td><td>0.000<br>(0.008)</td></tr><tr><td>TD:Employment (Rich)</td><td></td><td>0.005<br>(0.006)</td><td></td><td>0.003<br>(0.011)</td></tr><tr><td>TD:Innovation (Rich)</td><td></td><td></td><td>-0.009**<br>(0.004)</td><td>-0.008<br>(0.008)</td></tr><tr><td>Founder (Rich)</td><td>-0.006<br>(0.004)</td><td>-0.008<br>(0.006)</td><td>-0.007*<br>(0.004)</td><td>-0.007***<br>(0.003)</td></tr><tr><td>High effort entrepreneur (Rich)</td><td>-0.009**<br>(0.004)</td><td>-0.022***<br>(0.006)</td><td>-0.033***<br>(0.005)</td><td>-0.021***<br>(0.003)</td></tr><tr><td>Low effort recipient (Rich)</td><td>-0.021***<br>(0.006)</td><td>-0.051***<br>(0.009)</td><td>-0.053***<br>(0.008)</td><td>-0.040***<br>(0.004)</td></tr></tbody></table>

Notes: The dependent variable is the percentage of money transferred from the entrepreneur to the recipient *TD:Donation* is a dummy = 1 if the entrepreneur donated more than $3600 in the last 12 months. *TD:Employment* equals 1 if the entrepreneur's firm has over 1000 employees. *TD:Innovation* equals 1 if the entrepreneur's firm obtained over 180 patents. *Founder* is a dummy = 1 if the entrepreneur founded the firm they own. *High effort entrepreneur* equals 1 if the entrepreneur works more than 10 hours daily. *Low effort recipient* equals 1 if the recipient works more than 10 hours daily. *Rich* is a dummy = 1 if the spectator's household income exceeds $200,000. Controls include age, gender, region of residence, education level, political ideology (liberals vs. non-liberals), and a dummy for the order the tables were presented. Standard errors clustered at the individual level in parentheses. \* significant at 10%, \*\* significant at 5%, \*\*\* significant at 1%.
## B.4 Experimenter demand effect

<table><caption>Table B.4.1: Tobit regression - Dropping participants believing the survey was biased</caption><thead><tr><th></th><th>Treat:Donation<br>(1)</th><th>Treat:Employment<br>(2)</th><th>Treat:Innovation<br>(3)</th></tr></thead><tbody><tr><td>TD:Donation</td><td>-0.032***<br>(0.007)</td><td></td><td></td></tr><tr><td>TD:Donation × Rich</td><td>0.030***<br>(0.009)</td><td></td><td></td></tr><tr><td>TD:Employment</td><td></td><td>-0.0026<br>(0.006)</td><td></td></tr><tr><td>TD:Employment × Rich</td><td></td><td>0.0094<br>(0.009)</td><td></td></tr><tr><td>TD:Innovation</td><td></td><td></td><td>0.0065<br>(0.007)</td></tr><tr><td>TD:Innovation × Rich</td><td></td><td></td><td>-0.015*<br>(0.008)</td></tr><tr><td>Founder</td><td>-0.0040<br>(0.006)</td><td>-0.014**<br>(0.006)</td><td>-0.0034<br>(0.005)</td></tr><tr><td>Founder × Rich</td><td>0.0042<br>(0.007)</td><td>0.0037<br>(0.009)</td><td>-0.0029<br>(0.007)</td></tr><tr><td>High effort entrepeneur</td><td>-0.018***<br>(0.005)</td><td>-0.020***<br>(0.007)</td><td>-0.024***<br>(0.006)</td></tr><tr><td>High effort entrepeneur × Rich</td><td>0.012<br>(0.007)</td><td>-0.0040<br>(0.010)</td><td>-0.0075<br>(0.009)</td></tr><tr><td>Low effort recipient</td><td>-0.035***<br>(0.007)</td><td>-0.042***<br>(0.009)</td><td>-0.038***<br>(0.008)</td></tr><tr><td>Low effort recipient × Rich</td><td>0.015<br>(0.009)</td><td>-0.011<br>(0.01)</td><td>-0.021*<br>(0.01)</td></tr><tr><td>Rich</td><td>-0.037<br>(0.03)</td><td>-0.046<br>(0.04)</td><td>-0.076***<br>(0.03)</td></tr><tr><td>Constant</td><td>0.55***<br>(0.05)</td><td>0.52***<br>(0.07)</td><td>0.68***<br>(0.05)</td></tr><tr><td>Observations</td><td>11856</td><td>7904</td><td>10864</td></tr><tr><td>Pseudo R-squared</td><td>0.014</td><td>0.021</td><td>0.046</td></tr><tr><td>TD:Donation (Rich)</td><td>-0.001<br>(0.005)</td><td></td><td></td></tr><tr><td>TD:Employment (Rich)</td><td></td><td>0.007<br>(0.007)</td><td></td></tr><tr><td>TD:Innovation (Rich)</td><td></td><td></td><td>-0.008*<br>(0.005)</td></tr><tr><td>Effort poor (Rich)</td><td>-0.020***<br>(0.006)</td><td>-0.053***<br>(0.010)</td><td>-0.059***<br>(0.009)</td></tr><tr><td>Effort rich (Rich)</td><td>-0.006<br>(0.005)</td><td>-0.024***<br>(0.007)</td><td>-0.032***<br>(0.006)</td></tr><tr><td>Founder (Rich)</td><td>0.000<br>(0.004)</td><td>-0.010*<br>(0.006)</td><td>-0.006<br>(0.005)</td></tr></tbody></table>

**Notes:** In this analyses, we drop participants who responded “Yes” to the question: “Do you feel that this survey was biased?”. The dependent variable is the percentage of money transferred from the entrepreneur to the recipient *TD:Donation* is a dummy = 1 if the entrepreneur donated more than $3,600 in the last 12 months. *TD:Employment* equals 1 if the entrepreneur's firm has over 1000 employees. *TD:Innovation* equals 1 if the entrepreneur's firm obtained over 180 patents. *Founder* is a dummy = 1 if the entrepreneur founded the firm they own. *High effort entrepreneur* equals 1 if the entrepreneur works more than 10 hours daily. *Low effort recipient* equals 1 if the recipient works more than 10 hours daily. *Rich* is a dummy = 1 if the spectator's household income exceeds $150,000. Controls include age, gender, region of residence, education level, political ideology, and a dummy for the order in which the tables were presented. Standard errors clustered at the individual level in parentheses. * significant at 10%, ** significant at 5%, *** significant at 1%.
## B.5 Attention of participants

<table><caption>Table B.5.1: Tobit regression - Dropping inattentive participants and those who did not find the instructions clear</caption><thead><tr><th></th><th>Treat:Donation<br>(1)</th><th>Treat:Employment<br>(2)</th><th>Treat:Innovation<br>(3)</th></tr></thead><tbody><tr><td>TDE:Donation</td><td>-0.038***<br>(0.008)</td><td></td><td></td></tr><tr><td>TDE:Donation × Rich</td><td>0.035***<br>(0.009)</td><td></td><td></td></tr><tr><td>TDE:Employment</td><td></td><td>-0.0013<br>(0.006)</td><td></td></tr><tr><td>TDE:Employment × Rich</td><td></td><td>0.011<br>(0.009)</td><td></td></tr><tr><td>TDE:Innovation</td><td></td><td></td><td>0.0047<br>(0.008)</td></tr><tr><td>TDE:Innovation × Rich</td><td></td><td></td><td>-0.015*<br>(0.009)</td></tr><tr><td>Founder</td><td>-0.0052<br>(0.006)</td><td>-0.0065<br>(0.005)</td><td>-0.0031<br>(0.005)</td></tr><tr><td>Founder × Rich</td><td>-0.0014<br>(0.007)</td><td>-0.00035<br>(0.008)</td><td>-0.0054<br>(0.007)</td></tr><tr><td>High effort entrepeneur</td><td>-0.020***<br>(0.006)</td><td>-0.023***<br>(0.007)</td><td>-0.026***<br>(0.006)</td></tr><tr><td>High effort entrepeneur × Rich</td><td>0.0058<br>(0.008)</td><td>0.00020<br>(0.01)</td><td>-0.0087<br>(0.009)</td></tr><tr><td>Low effort recipient</td><td>-0.035***<br>(0.007)</td><td>-0.046***<br>(0.010)</td><td>-0.043***<br>(0.008)</td></tr><tr><td>Low effort recipient × Rich</td><td>0.0050<br>(0.01)</td><td>-0.0071<br>(0.01)</td><td>-0.011<br>(0.01)</td></tr><tr><td>Rich</td><td>-0.032<br>(0.04)</td><td>-0.058<br>(0.04)</td><td>-0.065**<br>(0.03)</td></tr><tr><td>Constant</td><td>0.54***<br>(0.06)</td><td>0.54***<br>(0.07)</td><td>0.70***<br>(0.06)</td></tr><tr><td>Observations</td><td>11440</td><td>7680</td><td>11344</td></tr><tr><td>Pseudo R-squared</td><td>0.016</td><td>0.033</td><td>0.050</td></tr><tr><td>TD:Donation (Rich)</td><td>-0.004<br>(0.005)</td><td></td><td></td></tr><tr><td>TD:Employment (Rich)</td><td></td><td>0.010<br>(0.006)</td><td></td></tr><tr><td>TD:Innovation (Rich)</td><td></td><td></td><td>-0.010**<br>(0.005)</td></tr><tr><td>Effort poor (Rich)</td><td>-0.030***<br>(0.007)</td><td>-0.053***<br>(0.010)</td><td>-0.054***<br>(0.009)</td></tr><tr><td>Effort rich (Rich)</td><td>-0.014***<br>(0.005)</td><td>-0.022***<br>(0.007)</td><td>-0.035***<br>(0.006)</td></tr><tr><td>Founder (Rich)</td><td>-0.007<br>(0.004)</td><td>-0.007<br>(0.006)</td><td>-0.008*<br>(0.005)</td></tr></tbody></table>

**Notes:** The dependent variable is the percentage of money transferred from the entrepreneur to the recipient *TDE:Donation* is a dummy = 1 if the entrepreneur donated more than $3,600 in the last 12 months. *TDE:Employment* equals 1 if the entrepreneur's firm has over 1,000 employees. *TDE:Innovation* equals 1 if the entrepreneur's firm obtained over 180 patents. *Founder* is a dummy = 1 if the entrepreneur founded the firm they own. *High effort entrepreneur* equals 1 if the entrepreneur works more than 10 hours daily. *Low effort recipient* equals 1 if the recipient works more than 10 hours daily. *Rich* is a dummy = 1 if the spectator's household income exceeds $150,000. Controls include age, gender, region of residence, education level, political ideology, and a dummy for the order in which the tables were presented. Standard errors clustered at the individual level in parentheses. \* significant at 10%, \*\* significant at 5%, \*\*\* significant at 1%.
## B.6 Different models

<table><caption>Table B.6.1: Fixed and random effect models</caption><thead><tr><th rowspan="2"></th><th colspan="3">Fixed effects</th><th colspan="3">Random effects</th></tr><tr><th>Treat:Donation</th><th>Treat:Employment</th><th>Treat:Innovation</th><th>Treat:Donation</th><th>Treat:Employment</th><th>Treatment: Innovation</th></tr></thead><tbody><tr><td>TD:Donation</td><td>-0.024***<br>(0.005)</td><td></td><td></td><td>-0.024***<br>(0.005)</td><td></td><td></td></tr><tr><td>TD:Donation × Rich</td><td>0.024***<br>(0.007)</td><td></td><td></td><td>0.024***<br>(0.007)</td><td></td><td></td></tr><tr><td>TD:Employment</td><td></td><td>-0.00044<br>(0.004)</td><td></td><td></td><td>-0.00044<br>(0.004)</td><td></td></tr><tr><td>TD:Employment × Rich</td><td></td><td>0.0036<br>(0.007)</td><td></td><td></td><td>0.0036<br>(0.007)</td><td></td></tr><tr><td>TD:Innovation</td><td></td><td></td><td>0.0048<br>(0.005)</td><td></td><td></td><td>0.0048<br>(0.005)</td></tr><tr><td>TD:Innovation × Rich</td><td></td><td></td><td>-0.012*<br>(0.006)</td><td></td><td></td><td>-0.012*<br>(0.006)</td></tr><tr><td>Founder</td><td>-0.0030<br>(0.004)</td><td>-0.010**<br>(0.005)</td><td>-0.00062<br>(0.004)</td><td>-0.0030<br>(0.004)</td><td>-0.010**<br>(0.005)</td><td>-0.00062<br>(0.004)</td></tr><tr><td>Founder × Rich</td><td>-0.0020<br>(0.005)</td><td>0.0030<br>(0.007)</td><td>-0.0050<br>(0.005)</td><td>-0.0020<br>(0.005)</td><td>0.0030<br>(0.007)</td><td>-0.0050<br>(0.005)</td></tr><tr><td>High effort entrepeneur</td><td>-0.014***<br>(0.004)</td><td>-0.018***<br>(0.005)</td><td>-0.022***<br>(0.005)</td><td>-0.014***<br>(0.004)</td><td>-0.018***<br>(0.005)</td><td>-0.022***<br>(0.005)</td></tr><tr><td>High effort entrepeneur × Rich</td><td>0.0068<br>(0.006)</td><td>-0.0011<br>(0.007)</td><td>-0.0056<br>(0.006)</td><td>0.0068<br>(0.006)</td><td>-0.0011<br>(0.007)</td><td>-0.0056<br>(0.006)</td></tr><tr><td>Low effort recipient</td><td>-0.025***<br>(0.005)</td><td>-0.032***<br>(0.007)</td><td>-0.032***<br>(0.006)</td><td>-0.025***<br>(0.005)</td><td>-0.032***<br>(0.007)</td><td>-0.032***<br>(0.006)</td></tr><tr><td>Low effort recipient × Rich</td><td>0.0064<br>(0.007)</td><td>-0.0076<br>(0.010)</td><td>-0.010<br>(0.009)</td><td>0.0064<br>(0.007)</td><td>-0.0076<br>(0.010)</td><td>-0.010<br>(0.009)</td></tr><tr><td>Rich</td><td></td><td></td><td></td><td>-0.00085<br>(0.02)</td><td>0.0061<br>(0.02)</td><td>-0.017<br>(0.02)</td></tr><tr><td>Constant</td><td>0.52***<br>(0.004)</td><td>0.55***<br>(0.004)</td><td>0.50***<br>(0.004)</td><td>0.52***<br>(0.01)</td><td>0.54***<br>(0.02)</td><td>0.51***<br>(0.01)</td></tr><tr><td>Observations</td><td>14400</td><td>9600</td><td>13536</td><td>14400</td><td>9600</td><td>13536</td></tr><tr><td>R-squared (overall)</td><td>0.0032</td><td>0.0045</td><td>0.0079</td><td>0.0032</td><td>0.0046</td><td>0.0087</td></tr><tr><td>R-squared (within)</td><td>0.0088</td><td>0.017</td><td>0.018</td><td>0.0088</td><td>0.017</td><td>0.018</td></tr><tr><td>R-squared (between)</td><td>0.0011</td><td>0.000091</td><td>0.0045</td><td>0.0011</td><td>0.000091</td><td>0.0045</td></tr></tbody></table>

**Notes:** The dependent variable is the percentage of money transferred from the entrepreneur to the recipient *Low effort recipient* is a dummy = 1 if the recipient works more than 10 hours per day; *High effort entrepreneur* is a dummy = 1 if the entrepreneur works more than 10 hours per day; *Founder* is a dummy = 1 if the entrepreneur founded the firm he/she owns; *Trickle-down:Donation* is a dummy = 1 if the entrepreneur donated more than $3600 in the last 12 months. *Trickle-down:Employment* is a dummy = 1 if the entrepreneur's firm has more than 1000 employees. *Trickle-down:Innovation* is a dummy = 1 if the entrepreneur's firm obtained over 180 patents. *Rich* is a dummy = 1 if the spectator's household income is over $150,000. Standard errors clustered at the individual level in parentheses. The Holm-Bonferroni correction is applied on the p-values of the coefficients shown, except for the constant. \* significant at 10%, \*\* significant at 5%, \*\*\* significant at 1%.
## B.7 Regression including pilot data

<table><caption>Table B.7.1: Tobit Regression Results on Amount Transferred</caption><thead><tr><th></th><th>Treat:Donation<br>(1)</th><th>Treat:Employment<br>(2)</th><th>Treat:Innovation<br>(3)</th></tr></thead><tbody><tr><td>TD:Donation</td><td>-0.031***<br>(0.007)</td><td></td><td></td></tr><tr><td>TD:Donation × Rich</td><td>0.031***<br>(0.008)</td><td></td><td></td></tr><tr><td>TD:Employment</td><td></td><td>-0.0019<br>(0.005)</td><td></td></tr><tr><td>TD:Employment × Rich</td><td></td><td>0.0044<br>(0.007)</td><td></td></tr><tr><td>TD:Innovation</td><td></td><td></td><td>0.0062<br>(0.006)</td></tr><tr><td>TD:Innovation × Rich</td><td></td><td></td><td>-0.015*<br>(0.008)</td></tr><tr><td>Founder</td><td>-0.0033<br>(0.005)</td><td>-0.0088*<br>(0.005)</td><td>-0.0015<br>(0.005)</td></tr><tr><td>Founder × Rich</td><td>-0.0022<br>(0.006)</td><td>-0.0054<br>(0.007)</td><td>-0.0061<br>(0.007)</td></tr><tr><td>High effort entrepeneur</td><td>-0.019***<br>(0.005)</td><td>-0.020***<br>(0.005)</td><td>-0.025***<br>(0.006)</td></tr><tr><td>High effort entrepeneur × Rich</td><td>0.0093<br>(0.007)</td><td>-0.014*<br>(0.008)</td><td>-0.0080<br>(0.008)</td></tr><tr><td>Low effort recipient</td><td>-0.029***<br>(0.006)</td><td>-0.045***<br>(0.008)</td><td>-0.037***<br>(0.007)</td></tr><tr><td>Low effort recipient × Rich</td><td>0.0079<br>(0.008)</td><td>-0.019*<br>(0.01)</td><td>-0.017<br>(0.01)</td></tr><tr><td>Rich</td><td>-0.027<br>(0.03)</td><td>-0.046*<br>(0.03)</td><td>-0.053**<br>(0.02)</td></tr><tr><td>Constant</td><td>0.53***<br>(0.05)</td><td>0.56***<br>(0.05)</td><td>0.65***<br>(0.05)</td></tr><tr><td>Observations</td><td>14400</td><td>14400</td><td>13536</td></tr><tr><td>Pseudo R-squared</td><td>0.014</td><td>0.032</td><td>0.042</td></tr><tr><td>TD:Donation (Rich)</td><td>-0.000<br>(0.005)</td><td></td><td></td></tr><tr><td>TD:Employment (Rich)</td><td></td><td>0.002<br>(0.005)</td><td></td></tr><tr><td>TD:Innovation (Rich)</td><td></td><td></td><td>-0.009**<br>(0.004)</td></tr><tr><td>Founder (Rich)</td><td>-0.005<br>(0.004)</td><td>-0.014***<br>(0.005)</td><td>-0.008*<br>(0.004)</td></tr><tr><td>High effort entrepreneur (Rich)</td><td>-0.009**<br>(0.004)</td><td>-0.033***<br>(0.005)</td><td>-0.033***<br>(0.005)</td></tr><tr><td>Low effort recipient (Rich)</td><td>-0.021***<br>(0.006)</td><td>-0.064***<br>(0.008)</td><td>-0.053***<br>(0.008)</td></tr></tbody></table>

**Notes:** The dependent variable is the percentage of money transferred from the entrepreneur to the recipient *TD:Donation* is a dummy = 1 if the entrepreneur donated more than $3,600 in the last 12 months. *TD:Employment* equals 1 if the entrepreneur's firm has over 1,000 employees. *TD:Innovation* equals 1 if the entrepreneur's firm obtained over 180 patents. *Founder* is a dummy = 1 if the entrepreneur founded the firm they own. *High effort entrepreneur* equals 1 if the entrepreneur works more than 10 hours daily. *Low effort recipient* equals 1 if the recipient works less than 6 hours daily. *Rich* is a dummy = 1 if the spectator's household income exceeds $150,000. Controls include age, gender, region of residence, education level, political ideology, and a dummy for the order the tables were presented. Standard errors clustered at the individual level in parentheses.
* significant at 10%, ** significant at 5%, *** significant at 1%.
<figure><img src="image_10.png" /><figcaption>Figure B.7.1: Importance of rich individuals' activities on the economy</figcaption></figure>

Notes: *Importance consumption*, *Importance donation*, *Importance employment* and *Importance innovation*, and *Importance investments* are dummies taking value 1 if the respondents believe that the rich's consumption, donations to charity, the number of employees they have, their technological innovation, and their investments are “Very important” or “Extremely important” to benefit the economy.

# C Survey details

Answer options are in italic, separated by a semicolon.

## C.1 Survey - STAKEHOLDERS

*Filtering questions to identify stakeholders*

[For all]

1. Were you born in the United States? Yes; No

2. Do you currently live in the United States? Yes; No

3. “In which of these groups did your total PERSONAL income, from all sources, fall last year? That is, before taxes. Total income includes interests or dividends, rents, social security, other pensions, alimony or child support, unemployment compensations, public aid (welfare), armed forces or veteran's allotment.” $0 - $9,999; $10,000 - $14,999; $15,000 - $19,999; $20,000 - $29,999; $30,000 - $39,999; $40,000 - $49,999; $50,000 - $69,999; $70,000 - $89,999; $90,000 - $99,999; $100,000 - $149,999; $150,000 - $199,999; $200,000 +

4. “How much do you work on a normal weekday?” I normally work less than 4 hours; I normally work between 4 and 6 hours, I normally work between 6 and 8 hours; I normally work between 8 and 10 hours; I normally work between 10 and 12 hours; I normally work more than 12 hours.
5. Do you own a business? *Yes; No*

6. How much, if anything, did you donate to charity in the last 12 months? *Nothing; 
$1 - $ 20; $21 - $ 100; $101 - $1,000; $1,001 - $3,60; $3,601 - $10,000; $10,001 - 
$100,000; More than $100,000*

[For rich profiles owning a business only (Personal income higher than $100,000)]

7. How did you initially acquire ownership of this business? *Founded; Inherited; Purchased or received transfer of ownership/gift*

8. We would like now to ask you how many employees does your business have. Please include full-time, part-time, temporary, unpaid, and family members working for this business. *0 to 5; 6 to 10; 11 to 50; 51 to 100; 101 to 250; 251 to 500; 501 to 1000; More than 1000*

We are a group of non-partisan researchers. Our goal is to analyze your political preferences. No matter what your ideas are, by completing this questionnaire, you are contributing to our knowledge as a society. You might not agree with all the information provided, but you will have the opportunity to express your own views.

It is very important for the success of our research that you complete the entire survey, read the questions carefully, and answer honestly. There is NO right or wrong answer.

Your participation in this study is voluntary and you can withdraw whenever you want without any consequence. Your name will never be recorded and you will be never be identified.

9. According to you, what are the reasons why some people are persistently poor in the United States? *Please write your answer here*

10. According to you, what are the reasons why some people are persistently rich in the United States? *Please write your answer here*

11. In the last 30 years income differences among the rich and the poor sharply increased in the US. Available studies suggest that most people did not demand for more income redistribution to offset this trend. Why do you think this has been the case? *Please write your answer here*

12. According to existing studies, many poor people do not demand more income redistribution from the rich to the poor. Why do you think this is the case? *Please write your answer here*

[For all]
On the top of the fixed participation fee, you will receive an additional sum of money, ranging from $0 up to $50. How much you will receive in addition to the fixed participation fee depends on the decision that a participant in a related study will make on how to share a sum of money between you and another participant in this survey.

If you have any questions regarding this study, you may contact Maria.Marino@uab.cat

We will run a follow-up survey in the next months. We would be very grateful if you could take part in the next survey, too. Please choose only one of the following: *I would like to take part in future research from this project; I decline to be part of future research from this project.*

Thank you for completing this survey.

## C.2 Survey - SPECTATORS

1. We are a group of academic researchers not affiliated to any political party. Our goal is to study how people make decisions. By completing this survey, you are adding to our knowledge as a society.

It is very important for our research that you answer honestly and read the questions very carefully before answering. Anytime you don't know an answer, give your best guess. However, please be sure to spend enough time reading and understanding the question. To make sure of the quality of the survey data, your responses will be subject to statistical control methods. Responding without good enough effort may result in your responses being flagged for low quality.

It is also very important for our research project that you complete the whole survey once you have started. This survey should take (on average) about 20 minutes to complete.

If you decide to participate, you will be asked to answer questions about your views on American society. You will also perform a series of decisions affecting two other participants in this study.

Your participation in this study is purely voluntary and anonymous. Payments for the survey are managed through the survey company with the possible collaboration of the administrative offices of our university. The data we receive from the survey company are fully anonymized meaning that no one, not even the research team, will know who you are. The results of the study may be published or presented at professional meetings, but only group characteristics will be discussed.

We will be happy to answer any questions you have about the study or to address your potential concerns. You may contact the principal investigator of this project at: roberto.brunetti@univ-rennes1.fr
2. By selecting the "I agree" option below, you confirm that: You are 18 years of age or older. You have read the information provided above. You understand that you can withdraw from the study at any time. You know that you can raise a concern or make a complaint by writing to: roberto.brunetti@univ-rennes1.fr. You are aware you can only participate in this study once. You are aware that close attention to the survey is required for your responses to count. *I agree; I disagree*

3. Are you responding to this survey on a cell phone? Yes; No

4. Where you born in the United States? Yes; No

5. Do you have US citizenship? Yes; No

6. Do you currently live in the United States? Yes; No

7. What was your TOTAL household income, before taxes, last year (2021)? Less than $10,000; Between $10,000 and $14,999; Between $15,000 and $19,999; Between $20,000 and $29,999; Between $30,000 and $39,999; Between $40,000 and $49,999; Between $50,000 and $69,999; Between $70,000 and $89,999; Between $90,000 and $109,999; Between $110,000 and $149,999; Between $150,000 and $199,999; More than $200,000

8. What is your gender? Male; Female; Non-binary

9. What is your age?

10. In which state do you live?

### C.2.1 Redistribution choice

We now ask you to make different choices that might have real consequences for people in real life.

Some days ago, we recruited some people via an online website. These people are all from the US and have different personal traits. We matched them in pairs. Within each pair, one person (who will be called Person 1) did a job for us, while the other person (who will be called Person 2) did not do any job for us. Both were paid a participation fee.

Person 1 has been given $50 on the top of the participation fee for the job she/he did, while Person 2 has been given $1 on the top of the participation fee. They both have been told that a third person may transfer some money from Person 1 to Person 2 to determine their final earnings.
You will now have to choose how much money you want to transfer from Person 1 to Person 2. You can transfer any amount from $0 to $50. You will make many decisions for different pairs of people who differ in some traits.

One decision from all the decisions made by the participants in this study will be randomly selected by our computer and applied in reality. Please make your choices carefully, because one of them may decide the final earnings for two other people.

Please remember that your decisions are completely anonymous.

If everything is clear, please click on the “next” button.

## Redistribution choices - 16 conjoint tables

<figure><img src="image_11.png" /><figcaption>Figure C.2.1: Example of redistribution choice</figcaption></figure>

Notes: The order of the attributes in the table was randomized.

11. Please think again about your decisions about how much money to transfer from Person 1 to Person 2. Briefly state the reasons for the decisions you made.

12. When choosing how much money to transfer from Person 1 to Person 2 in the previous pages, how important have the following factors been? 1) The real-life income differences between Person 1 and Person 2. 2) The difference in money received in this study between Person 1 and Person 2 before your decision. 3) The hours worked on a normal weekday by Person 1. 4) The hours worked on a normal weekday by Person 2. 5) Whether Person 1 founded or inherited his/her firm. 6) In survey 1) The number of employees' of Person 1's business. or 5) (in survey 2) The amount of money donated
to charity by Person 1 *Not at all important; Slightly important; Moderately important; Important; Fairly important; Very important; Extremely important*

13. The next question is about the following problem. In questionnaires like ours, sometimes there are participants who do not carefully read the questions. This means that there are a lot of random answers which compromise the results of research studies. To show that you read our questions carefully, please choose orange as your answer to the next question regardless of your favorite color. What's your favorite color? Red; Yellow; Blue; Orange; Green; Turquoise; Black; White; Purple

### C.2.2 Questions on beliefs

14. On the following screen, you will be asked some guess questions. Think about all people living in the United States and earning less than $10,000 per year. How many hours do you think this group of individuals work on average on a normal weekday? 0-12; More than 12

15. Now think about all people living in the United States earning more than $100,000 per year and owning a firm. How many hours do you think this group of individuals work on average on a normal weekday? 0-12; More than 12

16. Think about all people living in the United States earning more than $100,000 per year and owning a firm. According to your best estimate, how much has this group donated to charity on average in the last 12 months? Nothing; $1-$20; $21-$100; $101-$1,000; $1,001 - $3,600; $3,601 - $10,000; $10,001 - $100,000; More than $100,000

17. Now think about all people living in the United States earning more than $100,000 per year and owning a firm. According to your best estimate, out of 100 people in this group 1) how many INHERITED their own enterprise? 2) How many FOUNDED their own enterprise? 3) How many PURCHASED their own enterprise? 4) How many RECEIVED their own enterprise from a transfer of ownership/gift? 0-100

18. Think about people earning more than $100,000 and owning a firm. According to your best estimate, how many employees do their firms have on average? From 0 to 5 employees; From 6 to 10 employees; From 11 to 100 employees; From 101 to 1,000 employees; From 1,001 to 5,000 employees; From 5,001 to 10,000 employees; More than 10,000 employees

19. Think about people earning more than $100,000 and owning a firm. According to your best estimate, how many patents do their firms obtain every year on average? None; Between 1 and 10; Between 11 and 100; Between 101 and 180; Between 181 and 300; More than 300
20. In the first part of this study, you were asked to make decisions for several Person 1. All these Person 1 had a yearly income higher than $100,000 in 2021. Let us now consider ten Person 1. In your opinion, How many of them supported Donald Trump? How many of them supported Joe Biden? How many of them did not support either Donald Trump or Joe Biden? [0-10]

21. In the first part of this study, you were asked to make decisions for several Person 2. All these sixteen Person 2 had a yearly income lower than 10,000 in 2021. Let us now consider ten Person 2. In your opinion, How many of them supported Donald Trump? How many of them supported Joe Biden? How many of them did not support either Donald Trump or Joe Biden? [0-10]

### C.2.3 Additional questions

22. Assume the total American population is broken into 5 income groups from the poorest to the richest, each with the same number of people. These groups are: the poorest households, the second poorest households, the middle households, the second richest households, and the richest households. In which of these income groups do you place your household? In which of these income groups would you place the household in which you grew up? Thinking ahead 10 years from now, in which of these income groups do you think your household will be? Richest; 2nd Richest; Middle; 2nd Poorest; Poorest

23. Which has more to do with why a person is rich? Factors under their control (e.g. rich people have worked harder than others, or they are more talented than others, etc.); Factors beyond their control (e.g. rich people have had more advantages than others, they have acquired more wealth from their families than others, etc.)

24. Which has more to do with why a person is poor? Factors under their control (e.g. poor people have worked less hard than others, or they are less talented than others, etc.); Factors beyond their control (e.g. poor people have had less advantages than others, they have acquired less wealth from their families than others, etc.)

25. For each of the factors below, please tick one box to tell us how important you think it is for getting ahead in life. Coming from a wealthy family. Having well-educated parents. Hard work. A person's race or ethnic group. A person's religion. Being born a man or a woman. The ability or talent a person is born with. Good luck, being in the right place at the right time. Physical appearance and good looks. Where a person grew up. Not at all important; Slightly important; Moderately important; Important; Fairly important; Very important; Extremely important
26. In the US, one of the main reasons for the rich being rich is that the rich have been selfish. *Strongly disagree*; *Disagree*; *Neither Agree nor Disagree*; *Agree*; *Strongly Agree*

27. In general, do you have a favorable or an unfavorable opinion of those who own businesses? *Very favorable*; *Somewhat favorable*; *Fairly unfavorable*; *Very unfavorable*

28. Please indicate if you agree or not with the following statements: Allowing business to make good profits is the best way to improve everyone's standard of living. The existence of rich people in the US benefits society as a whole. Setting low tax rates on rich people will benefit the whole economy. *Strongly Disagree*; *Disagree*; *Neither Agree nor Disagree*; *Agree*; *Strongly Agree*

29. In your opinion, how important is each of the following aspects for how the rich people benefit the economy? High consumption levels by the rich. High investment levels by the rich. Technological innovations. High employment in the firms owned by the rich. High levels of donations to charity by the rich. *Not at all important*; *Slightly important*; *Moderately important*; *Important*; *Fairly important*; *Very important*; *Extremely important*

30. How strongly do you agree with the following statement? Income differences between the rich and the poor in this country should be reduced. *Strongly Disagree*; *Disagree*; *Neither Agree nor Disagree*; *Agree*; *Strongly Agree*

31. Consider the tools below to address inequality in the United States. In your opinion, how important should each of them be? Education policies. Private charity. Progressive taxes. Government transfers (e.g., food stamps, Medicaid,...). Government regulation (e.g., min wage, caps on top compensation,...). *Not at all important*; *Slightly important*; *Moderately important*; *Important*; *Fairly important*; *Very important*; *Extremely important*

32. Did you vote in the last presidential elections? *Yes*; *No*

33. In the last presidential election, you supported *Donald Trump*; *Joe Biden*; *Neither*

34. How strong was your support for [Joe Biden/Donald Trump]? *Very strong*; *Strong*; *Somewhat strong*; *Not strong at all*

35. In political matters, people often talk of Liberal and Conservative. Generally speaking, how would you place your views on this scale? *Very liberal*; *Liberal*; *Moderate*; *Conservative*; *Very conservative*

36. How Much of the time do you think you can trust the federal government in Washington D.C. to do what is right? *Never*; *Only some of the time*; *Most of the time*; *Always*

You said that you supported [Trump/Biden] / supported neither Trump nor Biden in the previous presidential elections. [Questions about Trump displayed before for
supporters of Trump, same with Biden. If the respondent did not support either
Trump or Biden, the order of the two blocks in randomized]

37. How strongly do you feel attachment to people who supported Donald Trump? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

38. How strongly favorable do you feel toward people who supported Donald Trump? *Not at all favorable*; *Somewhat favorable*; *Strongly favorable*; *Very strongly favorable*

39. How close do you feel to people who supported Donald Trump? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

40. How much do you trust people who supported Donald Trump to do what is right for the country? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

41. How strongly do you feel attachment to people who supported Joe Biden? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

42. How strongly favorable do you feel toward people who supported Joe Biden? *Not at all favorable*; *Somewhat favorable*; *Strongly favorable*; *Very strongly favorable*

43. How close do you feel to other people who supported Joe Biden? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

44. How much do you trust people who supported Joe Biden to do what is right for the country? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

In one of the previous questions you said that your household gross yearly income is
[less than $30,000/higher than $150,000].

45. How strongly do you feel attachment to people whose yearly income is less than 30,000? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

46. How strongly favorable do you feel toward people whose yearly income is less than 30,000? *Not at all favorable*; *Somewhat favorable*; *Strongly favorable*; *Very strongly favorable*

47. How close do you feel to other people whose yearly income is less than 30,000? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

48. How much do you trust people whose yearly income is less than 30,000 to do what is right for the country? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*

49. How strongly do you feel attachment to people whose yearly income is higher than $150,000? *Not at all*; *Somewhat*; *Strongly*; *Very strongly*
50. How strongly favorable do you feel toward people whose yearly income is higher than $150,000? *Not at all favorable; Somewhat favorable; Strongly favorable; Very strongly favorable*

51. How close do you feel to other people whose yearly income is higher than $150,000? *Not at all; Somewhat; Strongly; Very strongly*

52. How much do you trust people whose yearly income is higher than $150,000 to do what is right for the country? *Not at all; Somewhat; Strongly; Very strongly*

53. Some people feel they have completely free choice and control over their lives, while other people feel that what they do has no real effect on what happens to them. Please use this scale where 1 means "no choice at all" and 10 means "a great deal of choice" to indicate how much freedom of choice and control you feel you have over the way your life turns out. [*0 None at all - 10 A great deal*]

54. How satisfied are you with your life, all things considered? [*0 Completely dissatisfied - 10 Completely satisfied*]

55. In which ZIP code do you live?

56. Which category best describes your highest level of education? *Eighth Grade or less; Some High School; High School degree / GED; Some College; 2-year College Degree; 4-year College Degree; Master's Degree; Doctoral Degree; Professional Degree (JD, MD, MBA)*

57. How would you define your ethnicity? (Choose all that apply) *White; African American / Black; White Hispanic; Other Hispanic; South Asian or Asian American; East Asian; Native American; Middle Eastern or Arabic; Other (Please specify)*

58. Do you belong to a religion or religious denomination? If yes, which one? *No denomination; Roman Catholic; Protestant; Orthodox (Russian/Greek/etc.); Jew; Muslim; Hindu; Buddhist; Other (Please specify)*

59. How many times do you attend religious services or ceremonies at your place of worship? *Never; Less than once a year; Once or twice a year; Several times a year; Once a month; 2-3 times a month; About once a week; Several times a week; Every day*

60. Do you feel that this survey was biased? *Yes; No*

61. (If Yes to the previous question) Which of the following statements is closest to the truth according to you? *The researchers preferred that I transferred a large amount of money from Person 1 to Person 2; The researchers preferred that I transferred a low amount of money, or nothing, from Person 1 to Person 2.*
62. Was the survey clear to you? *Very clear*; *Quite clear*; *Quite unclear*; *Very unclear*

63. (If *Quite unclear* or *Very unclear* to the previous question) Please, explain us why it was not clear and give us some suggestions to improve it.

64. **[Only in wave 3]** How strongly do you agree with the following statement: "We need modern technology because it is the only way to solve future problems?" *Strongly disagree*; *Disagree*; *Neither agree nor disagree*; *Agree*; *Strongly agree*

65. **[Only in wave 3]** People sometimes consider themselves as being part of a certain group of people. Could you tell us, for each of these groups, to what extent it is important to you to belong to this group? People who belong to one nation. People who live in the same territory. People who have the same religious beliefs. People who belong to the same ethnic group. People who belong to the same income group. People who have the same political affiliation. *Not at all important*; *Slightly important*; *Moderately important*; *Important*; *Fairly important*; *Very important*; *Extremely important*.

66. **[Only in wave 3]** According to your opinion, why do rich people donate to charity? *Because they are altruist*; *For tax purposes*; *To promote their self-image*; *Because people from their social network also donate*; *Other*

67. **[Only in wave 3]** In which of the following categories does the net value of your assets, after deducting debt, fall? *Less than $0*; *Between $0 and $999*; *Between $1,000 and $9,999*; *Between $10,000 and $99,999*; *Between $100,000 and $699,999*; *Between $700,000 and $999,999*; *Between $1 million and $10 million*; *More than $10 million*

68. **[Only in wave 2]** By taking this survey, you are automatically enrolled in a lottery. Ten participants will receive a bonus of $50. You will learn whether you have been selected at the end of this survey. You now get to decide how much of the $50 you want to donate to the charity Feeding America and how much to keep for you in case you receive this bonus. Feeding America is a United States-based nonprofit organization that supports poor people in the USA. If you are selected in the lottery, we will pass your contact details to our university administration offices, which will take care of the payment. We will not see your contact details. You will also receive proof of the donation made to Feeding America, which will include the sum of your donation and the other 9 participants' donations. Please let us know how much you would like to donate to Feeding America by filling in your preferred donation amount in the following field. (Please note, your answer must be a whole number between $0 and $50.) *Slider between 0 and 50*
# D Research transparency

**Pre-registration** The experiment was pre-registered in the AEA RCT and OSF Registry. Our pre-plan contains the experimental instructions, the empirical model, the hypotheses to be tested, the multiple hypothesis correction to be applied, the planned sample size, and the exclusion criteria. The pre-plan was updated before conducting the last survey wave, in which we tested the Innovation treatment and added some questions to further explore the mechanisms of our main effects. Here, we list the minor deviations from the pre-plan:

* Some labels and the presentation of the main model (equation (4)) are different. The changes have been made exclusively for expositional reasons.

* In the last survey wave, we did not reach the planned sample size of rich spectators (N=396 instead of N=450) because of the difficulty that the survey company encountered in finding this specific group. In any case, the results comparable across treatments remain robust in this last treatment.

* In the main analysis (Figure 3), we added two analyses where we pool the three treatments. This is done to investigate the importance of each stakeholder's attributes further when all TDE factors are considered together. This additional analysis simply confirms the main conclusions of our paper.

* In the main analysis, we present unadjusted p-values. This is done for the sake of coding simplicity. In all cases, in Table A.4.1, we show both adjusted and unadjusted p-values. In the text, we report few cases in which conclusions about the significance of a coefficient change when accounting for MHT.

* In the heterogeneity analysis, we study how the main effects vary depending on the spectators' trust in institutions, their experience of social mobility, and their beliefs in the role of technological change in solving society's problems. These analyses were not pre-registered and have to be considered as exploratory.

**Ethical approval** The study obtained IRB approval from the Kiel Institute for the World Economy.

**Data and code** All data and codes will be made available online on the OSF website.

**Competing interests** We declare no competing interests.