“…Several studies choose instead to elicit choices in hypothetical (counterfactual) scenarios (e.g. Blass et al, 2010;Bah and Batista, 2018;Wiswall and Zafar, 2018;Maestas et al, 2018;Adams-Prassl and Andrew, 2019;Koşar et al, 2021;Ameriks et al, 2020a,b;Boyer et al, 2020;Fuster and Zafar, 2021). In most cases, the hypothetical scenarios are created by inducing random variations from a baseline scenario that corresponds to the respondent's actual beliefs and characteristics.…”