Figure 2

(a–c) Normative views and expectations: distribution, overlap, and temporal stability. Note Number of observations in panel (a) is 192, and 384 in panels (b, c). Marker size is weighted by the number of observations. The marker size in the legends display the size for single participants. Normative views on contributions of high- and low-return members are separated by axis in panel (a), and by marker symbol in panel (b,c) (diamond for views on high-return members, squares for views on low-return members). Although participants were asked to provide their normative view and expectation on the appropriate contribution for each of the two low-return members separately, more than 90% provided the same answer for both low-return members. We therefore average the answers on the two low-return members.