Option exercise = 1 for “discharge” and 0 for “continue and receive ₩20 million.” As for subjective socially accepted strike price, we ask what a respondent thinks is a socially desirable strike price, the amount of staying in the military (“continue”) per month. For example, if a respondent answers ₩2m, he believes that a soldier should receive it per month if the soldier chooses to serve for the military 10 months more as a corporal and sergeant. Standard deviations in parentheses