Fig. 1.

Time series of the S&P 500 stock index (left panel), the CBOE Volatility Index (VIX, right panel, solid blue, left scale), and the daily risk aversion index of Bekaert et al. (2021, BEX, right panel, dashed red, right scale) from November 2019 to May 2020 and the data collection periods. $\mathrm{WAVE}1$ of the experiment was conducted from December 5, to December 23, 2019; $\mathrm{WAVE}2$ of the experiment was conducted from March 16, to March 31, 2020. (For interpretation of the references to colour in this figure legend, the reader is referred to the web version of this article.)