Experiments 4 and 5 combined: Instructed expected return predicting investment. Trials were binned by the expected return that was presented to participants. Because only one trial had an expected return greater than 0.7, this trial was incorporated into the next highest bin in order to the keep the number of trials within each bin roughly equivalent. Participants’ mean investments within each bin was calculated and then the mean of the participant means was plotted. Error bars represent standard error of the mean.